2300 EST UPDATE
What can I say other than "Boooring" and "Productive" (Maybe). It is definitely boring as the volatility has dried up very fast and this means returning back to price movements that we were used to for many months that preceded this high volatile sell off. I say maybe as in Booooring because this is only temporary and I truly believe that the volatility we have set to start off the month of May to be just setting the bar that will be taken out later this year. I say productive because it is holding well above the five day moving average and seems to be showing a break out sign from the one day average. Breaking $35.75 area of resistance and holding above that area for more than four or six hours or breaking past the $36.75 fibonacci area would be enough to confirm the intermedate trend to be bullish. Given how light this movement is and that its only a small retracement from the $49.81 high this gives reason for concern as far as how the paper ponzi market is concerned. Keep stacking!
END OF DAY REPORT
Support was found today at the five day moving average and this was the first test of support since the moving average has rose. I still would like it to see go a little higher to call this a confirmed intermediate bull market and thus its pretty much neutral right now on the short term. Long term the fifty day average which is currently around $39.00 right now is the big level that I need to see it go past for me to give any conviction for the longer term trend. On the super long term this selling that has occurred has been nothing more than a mere correction and for those protecting themselves against the fiat debt notes and dollar collapse then let the fire sale begin. These moves are all paper based moves and as I stated yesterday the prices given from us from the commodity exchanges are told to us by the powers that be and almost everyone complies by this and the price controls have been set for years. I have heard from people in the past that price controls never work out and there is a part of me that agrees with this. I'll be back after 10pm EST with another update.
What can I say other than "Boooring" and "Productive" (Maybe). It is definitely boring as the volatility has dried up very fast and this means returning back to price movements that we were used to for many months that preceded this high volatile sell off. I say maybe as in Booooring because this is only temporary and I truly believe that the volatility we have set to start off the month of May to be just setting the bar that will be taken out later this year. I say productive because it is holding well above the five day moving average and seems to be showing a break out sign from the one day average. Breaking $35.75 area of resistance and holding above that area for more than four or six hours or breaking past the $36.75 fibonacci area would be enough to confirm the intermedate trend to be bullish. Given how light this movement is and that its only a small retracement from the $49.81 high this gives reason for concern as far as how the paper ponzi market is concerned. Keep stacking!
Support was found today at the five day moving average and this was the first test of support since the moving average has rose. I still would like it to see go a little higher to call this a confirmed intermediate bull market and thus its pretty much neutral right now on the short term. Long term the fifty day average which is currently around $39.00 right now is the big level that I need to see it go past for me to give any conviction for the longer term trend. On the super long term this selling that has occurred has been nothing more than a mere correction and for those protecting themselves against the fiat debt notes and dollar collapse then let the fire sale begin. These moves are all paper based moves and as I stated yesterday the prices given from us from the commodity exchanges are told to us by the powers that be and almost everyone complies by this and the price controls have been set for years. I have heard from people in the past that price controls never work out and there is a part of me that agrees with this. I'll be back after 10pm EST with another update.
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