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Michael Noonan Edge Trader Plus Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he... More
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  • Gold And Silver - Start Watching The Fed's Fiat "Dollar" More Closely For Clues

    Saturday The Ides of March 2014

    For the past several weeks, our commentaries have dwelled on
    factors unrelated to what so many other writers have focused,
    primarily demand from a variety of sources, shrinking supply of
    physical at COMEX and LBMA, lots of charts and graphs to make
    interesting presentations, but none of those factors have been
    instrumental in moving gold and silver to higher levels. Our take
    has been the suppression of gold and silver has come from the
    elites running the central banks, and by extension, all Western

    There are battles being waged deep behind the scenes, not being
    made public, but visible based on developing world affairs, if one
    wants to connect dots without concrete proof. Ukraine is the latest
    prime example. The Western central banks are attacking Russia in
    desperation to protect failing energy sources and survival of the even faster failing Federal Reserve Note, more commonly accepted by a
    different name, the "dollar."

    It appears Cyprus was more of an attempt to freeze or capture
    Russian deposits from its gas/energy revenues. It was primarily the
    Cypriots who suffered, for little to none of the Russian deposits were
    confiscated. Ukraine is another front, pushed by the elites through
    their operative agents to stir up unrest and attempt to have Ukraine
    join the EU, even though Ukraine would suffer financially. The West
    is trying to prevent Russia from having easy access to its gas
    pipelines sending energy west to Europe.

    The US recently released some of its oil reserves onto the market,
    causing a sharp drop in oil prices. Ostensibly, the action was to test supply channels, etc, but in reality, the elites are doing what they
    can to prevent Russia from reaching the $110 per barrel it needs to
    maintain its economy. This is aggressive oil warfare, and it is surely
    doomed to fail, just like every other clumsy Western attempt to try
    an maintain its flagging supremacy.

    The amount of Treasury bonds Russia holds, and China has an even greater amount, can be used to cause more dramatic harm to the US than the US could ever hope to damage Russian influence. Case in
    point is the chart from the Federal Reserve that shows how foreign-
    held bonds are being "cashed in."

    There was an increase to $104.5 billion in Treasury sales from
    foreign sources, [wonder who could be selling?], when the average
    weekly sales are $46.6 billion. Someone is sending a very strong
    message to the US that undermines the fiat "dollar." In the larger
    scheme of things, this is a real shot across the bow, and more of this
    kind of action will be taking place in the future.

    (click to enlarge)

    An interesting question is, who did the buying? The Fed, of course,
    even though it may try to divert the purchases elsewhere, like it did
    in Belgium, recently. There is also the more likely circumstance that
    the Fed took in the bonds, [it had to], but kept them off the books.
    The bonds do not have to be paid until maturity, so the Fed
    postpones having to put up any more digital fiat,and as to interest,
    it does not have to pay any to itself.

    This is how the "vaunted" Fed operates, more like taking pages from Zimbabwe's play book...print, print, print. Obama, the Fed, and the
    elites need a way to cover their paper asses being pressed to the
    mat. What gets lost in all of this is gold.

    Gold and its control is the undercurrent behind everything that goes
    on. Control has been, and continues to be lost by the Western central bankers. What few people know, and what even fewer people are
    capable of grasping, is the extent to which the elites control every
    aspect of life in the Western world.
    Certainly they control all of the
    money. They also control world drug trade. [Ever wonder why the
    US is really in Afghanistan?] They control all corporations. They own
    every stock traded on the NYSE. Every aspect of the media, print,
    television, radio is under their control. The medical profession and
    pharmaceutical industry, education, travel, all forms of government,
    all controlled.

    One thing that has not changed is the Golden Rule. He who holds the
    gold rules. The transition of physical gold from West to East is
    disrupting the elites domination of the entire financial world. The East has been saying, "Enough is enough." What no one knows is how this
    will all unfold.

    One thing is certain: America has become a Third World country,
    liberty lost, economy failing, joblessness growing, homelessness
    growing, children as bad off, some worse than in recognized Third
    World countries, increasing dependence of the population on federal
    assistance, a growing police state, the NSA destroying all privacy,
    maybe even the internet. Life is about to get much worse in the
    United States.

    We have been advocating the purchase of physical gold and silver,
    at any price, for well over a year. Smart people have been doing
    exactly that. Those less certain have been concerned about the lower prices for their holdings of gold and silver, which totally misses the
    point. If your house drops in value, are you going to sell it? Stay
    focused and remain committed to the ongoing accumulation of the
    physical PMs. Stay on the side of history with a proven record of
    wealth preservation through the ownership of gold and silver.

    Changes are coming, and the momentum will grow to the point of
    being irreversibly up in the direction of gold and silver. In the
    process, there will be destruction of all paper assets and increased
    panicky government controls to steal whatever it can from people.
    FDR did it in 1933 when the elites had him trick the public into
    turning in their gold, even though no one was lawfully obligated to
    do so.

    Never lose sight of the fact that there is a huge difference between
    your country and the government that runs it. Governments that run
    countries ruin them, and the corporate federal government does not
    have the people's best interest in mind, at all.

    Back to gold and silver. Those who own physical gold and silver are
    doing the right thing and positioning themselves to at least have
    more choices as the corrupt federal government continues along its
    path of financial destruction. Just keep buying, when and as one can,
    and never let go of them from a lack of confidence.

    There may be opportunities developing in the futures markets for
    gold and silver, at least for as long as the exchanges remain viable,
    and that, too, will change.

    A key to watch more closely is the fiat "dollar." It seems to be
    weakening, and that is the unyielding intent from China, Russia,
    parts of the Middle East, remaining BRICS nations, and eventually
    even turncoat partners like Great Britain and Germany. The latter
    two are not going to allow themselves to be sucked into the fiat
    paper vortex in which the US is inexorably heading.

    The last two swing high rallies failed to reach a 50% retracement, a
    general sign of weakness. Price is near important support. The more
    times support is retested, the more likely it will eventually break.
    The daily shows that possibility somewhat more.

    It should be added, that even if 79 - 79.50 breaks, there is still
    important potential support at 78.

    DX W 15 Mar 14

    The current developing market activity is different from when price
    was at this level in late October 2013. The ranges at the low were
    smaller, and the ensuing rally was strong and fast. Currently, the
    ranges are larger, the closes generally weaker. Breaking the 79
    area should propel gold to higher price levels, possibly challenging
    the 1450 area.

    DX D 15 Mar 14

    Something has been going on with gold as it refuses to break even
    for a "normal" type of correction lasting 1 to 4 days. Given how gold
    has previously been "beaten" down, almost with impunity, it was
    hard to trust the rallies, especially as price approached what looked
    like potential levels of resistance

    Bearish spacing still looms, but as gold continues to build a base, it is
    just a matter of time before it disappears.

    GC W 15 Mar 14

    What looked like potentially strong resistance at the 1360 area
    turned out to be a mirage as price sliced right through. Friday's mid-
    range close is also a function of the lower price "fix" close, as gold
    had been trading a few dollars higher. In futures, fixes are

    A correction in up trends is normal, usually lasting 1 to 4 days. A
    logical support for any correction would be the 1355 - 1360 level.

    GC D 15 Mar 14

    Relative to gold, silver was operating in a different realm. Its
    development has always been more compact than gold since the
    highs. While silver did not participate in any strong rally over the
    last few weeks, it is still developing in a positive way.

    SI W 15 Mar 14

    There is the possibility that silver may not retest 20.50, again, but
    wherever the next reaction takes it, if it develops in a way that
    shows buying potential, it may be well worth taking a long position
    in futures.

    SI D 15 mar 14

    Mar 15 10:37 PM | Link | Comment!
  • Gold And Silver - Market Activity Will Always Trump News/Events/Fundamentals

    Saturday 8 March 2014

    There is something going on in the gold and silver market, and it is
    difficult to ascertain exactly what it is. Perhaps it can best be
    described as a change in market behavior that may be defining a
    potential change in trend. For many, the presumption has been,
    "Gold and silver are going to go to the moon, for the following reason[s]...." What followed was then a litany of the same facts that have
    been widely known for well over a year, and the same types of
    graphs depicting various aspects, [depleted gold stocks, cost of production v current price, etc], very often nicely colored and
    reproduced, but to no practical effect, at least in terms of the
    direction of price for gold and silver which continued lower until
    the end of 2013.

    Consider the latest in an ongoing series of unfolding events:
    Ukraine/Crimea/disruptions in governments there/Russia protecting
    its "turf"/the EU and Obama threatening, [never with any apparent
    way of following through], Putin over how the EU and US "feels" how
    the Ukrainian situation should be resolved as both failing entities see
    fit, naturally in their favor. Obama doing what he does best, reading
    from a teleprompter, and threatening to impose sanctions in an area where the US has no right or justification to be meddling, is
    engaging in yet more misguided international [lack of] diplomacy,
    just like in Syria.

    There is the potential for war, and war of any kind is uppermost on
    Obomba's agenda, yet the stock market and PMs market seems
    nonplussed. War is the last effort for distracting the masses from
    the final stages of the decline of the United States, already well underway into Third World status, but not yet officially recognized.
    War has always been the solution for the elites. It is the Rothschild
    formula for successful domination by financially ruining countries
    that engage in costly, [read profitable for the elites],wars.

    It would be better if we could present something pertinent to add to
    the mix, but everything we read about what is going on, and how it
    will impact gold and silver, all makes for interesting reading, but all
    also way off in terms of market timing that is to launch the next [yet
    to appear] bull market for PMs. 2014 is now THE year for the "big
    breakout." It has to be presented as such because calling 2013 the
    big year will no longer work.

    Will PMs take off in 2014? Maybe. Let us be among the few to
    acknowledge that we do not know. It may or may not occur in 2014.
    The same people calling for 2013 to be the year have just changed
    the digit from a "3" to a "4" and are now parroting the same
    outlook that failed for last year to happen this year, just with a
    greater sense of urgency, or maybe desperation. It is possible that
    a bull market can fail for 2014, too.

    Irrespective of whatever the market does, the one timing factor
    that is of the utmost importance is that of accumulating physical
    possession of gold and silver. The time has been and continues to
    be "do it now!" No one can trust what the elites will do, via all their
    controlled Western governments, with ALL political leaders marching
    to the incessant drum of fiat takeover and destruction of every
    possible nation they can control. Ukraine is an example of such a
    [clumsy and doomed to fail] attempt to bring that strategically important [to Russia] nation into the rotten fold of central banker

    When the collapse of US power and the fast-fading US "dollar" as the
    world's reserve currency falls, in the latter stages of happening, the
    best and most reliable financial saver will be the value of physical
    gold and silver, recognized everywhere in the world,
    except by
    Western central bankers. The inevitable collapse of the fiat Federal
    Reserve Note, [FRN], aka "the dollar," will lead to a Venezuela-type
    devaluation of everything held in the form of paper: currency, bank
    accounts, bonds, stocks, pensions, etc.

    Everyone who chooses to hold any form of paper asset will suffer
    financially and suffer dramatically. Everyone who owns and
    personally holds
    physical gold and silver will survive in much better shape. From our perspective, it does not matter what you
    We bought silver at $40, $45, even $48 for the same reason
    for buying at recently at $21. The same for gold. We paid as high as
    $1700, and recently $1300. The higher prices are what the PMs were
    at the time of planed, routine purchases, as a form of protection
    against the ravages of fiat destruction. Like we said last week, price
    is temporary, possession is permanent.

    At no time was there ever any concern for having overpaid or wasted rearview mirror regret for not having gotten some of the PMs
    cheaper. The focus on price is misplaced. The focus is on financial
    survival, and a year too early is far better than a day too late.

    There are some who believe paying attention to charts that reflect
    the manipulation of exchange-priced gold and silver is a waste of
    time. Some argue the "real price" is higher, as much as $100 or
    $200, at times. This is true, if you are China, Russia, India, Turkey,
    Dubai, and buying by the physical by the tonne. Even under those
    circumstances, their purchase price is still related to the paper price,
    and most of us are buying in considerably lesser quantities. Until
    things change, which they eventually will, the best barometer isthe charts that are available.

    We opened with a sense of some changes going on in the PM
    markets, of late, specifically the uncorrected rallies since 31
    December 2013. The last three weeks in the gold chart show smaller
    ranges, [a lessening of buyer demand, and selling supply, as well],
    but the buyers have been winning the battle, of late.

    Some of the sense of unease with the rally is attributable to the
    punishing corrections that earmarked last year, especially April and
    June. We are seeing some $10 price corrections, but the difference
    now is recovery has been immediate, and holding. What we know
    about market trends that change is that change takes place over
    time, and there has not been much time to say a trend change has
    occurred in gold, at least in weekly and monthly charts.

    The down trend has weakened, and the process of change is better
    monitored on the daily chart, where a trend change has been

    GC W 8 Mar 14

    For consistency and simplicity, we define a trend change to the
    upside as a higher high, a higher low, and another higher high, and
    it is the latter that determines a change has taken place. [This has
    not happened on the weekly chart]. One can define a change in
    any other way, as long as it is consistent.

    There are two things to note on the daily, and let us add that all of
    the developing price activity is unfolding during events all over the
    world, and acknowledging all of the purported shortages on the
    exchanges, depletion numbers, record sales of coins to the public,
    etc, etc, etc. How much of what you consider to be critically
    important to the price of gold is reflected in the charts?

    The first aspect of importance is the thin lines connecting the swing
    highs and lows. If they were not shown, you would not likely notice
    how the rallies since December have been greater in length than the
    rallies prior to December. Same for the corrections. Prior to
    December, they lasted longer and declined more in price. This is a
    potentially significant change in market behavior.

    The second note is where the current rally has stopped: just under
    the October swing high. The rally did not reach the swing high, [It
    may next week, but all we can do is deal with what is known], and
    that could be viewed as a typical indication of a rally in a broader
    down trend. At the same time, price has not declined away from
    that swing high area, either. [It may next week, etc].

    Price reacted lower by $20 on the jobs number, for those who still
    believe in the reliability of those Obama administration-generated
    [fictitious and misleading] numbers. What was interesting was the
    market's ability to recover half the loss, late in the day and before
    the exchange powers decided where the "closing price" would be.

    There is a third point to make, which we did when analyzing the daily silver chart after this one. It is the increase in volume and the
    location of the close. The location of the close, about mid-range the
    bar, indicates buyers were present. The increase in volume says that the strength from the buyers was sufficient to rally price back,
    somewhat. The conclusion is to watch for additional support to enter
    the market.

    It is not important to know what the market will do from one day to
    the next. By seeing the location of the close of any bar, how wide or
    narrow it is, what the volume is, all give clues on what to expect
    could happen. With that information, one can then be prepared to
    take advantage of what the market is telegraphing and gain a market edge for a position.

    Will price correct more next week? The probability is greater for a
    yes than a no. The fact that there was some buying evident on Friday may mean any further correction could be limited. Even if the
    correction extends lower, at least we know there is no reason to buy, at this point. Not being long, the market can correct as low as it will
    go, and there is no risk in watching. If activity shows more evidence
    of buying, being prepared to take action ahead of time eliminates
    being surprised and can lead to a new long position that has less risk
    and a greater probability of a profitable outcome.

    This is the purpose of reading developing market activity. The
    market almost always tips its hand, as it were.

    GC D 8 Mar 14

    Silver continues to be somewhat weaker than gold, but the relatively small bar lower, last week, suggests sellers were not having an easy
    time pushing price lower. That is a piece of information to use when
    viewing the daily chart.

    SI W 8 Mar 14

    Here is where greater detail can pay off. Silver had an obvious
    breakout from the wide trading range to the upside, in February.
    Right now, price is in the process of retesting that breakout. When
    you know that a retest of a significant breakout can lead to a low
    risk trade, you more closely monitor daily, even intra day activity,
    for clues that indicate a decline is ending and a rally is likely to

    The breakout level is the $20.50 area. We drew a line connecting the two smaller swing highs in February and March. A parallel support
    line was then drawn from the February low to create the lower,
    support channel line. We now know, in advance, that price is
    nearing potential support.

    What makes the developing analysis more pertinent is the high
    volume associated with the wide range sell-off on Friday. On its face,
    the sell-off may look negative. When you remember that smart
    money sells high and buys low, the increased volume would not be
    smart money selling; that was more likely 7 bars earlier. However,
    after that increased selling 7 bars earlier, what was the market
    response? It moved sideways, not lower.

    We see this as a more likely change from weak-handed buyers
    selling into stronger-handed buyers. The analysis can always be
    wrong, but no action has yet been taken on it, so there is no risk
    involved. What the observations do is allow for preparation for a
    buy, if and only if there are signs to go long. Those signs would
    depend on what your trading rules are. We know what ours are,
    and if a potential buy opportunity is setting up, we will be
    prepared, base solely on what information the market is sending.

    The number of coins sold this month, last month, last year, or what
    happens in Ukraine will not help anyone time a buying opportunity
    better than what the market advertises on a more reliable time
    frame and with greater clarity. Predicting what a market may or
    may not do is for egos and margin calls. Following market activity
    that leads to a more obvious conclusion, minimizes risk exposure,
    and increases the probability of a profitable outcome is our hands
    down choice.

    SI D 8 Mar 14

    Mar 08 3:49 PM | Link | Comment!
  • Gold And Silver - From Now On All That Matters Is That You Own Both

    Saturday 1 March 2014

    Circumstances are at such a point that one no longer needs a
    justifiable reason for being long physical gold and/or silver. Does it
    matter that the 50 day moving average is going to cross the 200 day moving average, now being bandied about as though there were a
    degree of magic associated with the event? Does it matter any more
    that China remains a record buyer of physical gold for over a year?
    Did it ever matter that coin sales to the public have been setting
    records for well over a year?

    Will it matter to know that the manipulation of gold has now been
    acknowledged by the totally incompetent main stream media? Is it
    not a foregone conclusion that nothing will come of any
    "investigation" by the bought-and-paid-for agencies responsible for
    ensuring such "events" do not happen? Does it matter that the
    "suicides" of several bankers over the past few weeks have all been
    immediately determined as "non-suspicious" by police on the scene?

    The answer to all the above should be an obvious No!

    What does matter is that the elite's fiat banking Ponzi scheme has
    been producing more and more digital "currency," which does not
    exist except as an IOU to the recipient countries that are being bailed out. "I-will-cut-the-deficit-in-half" Obama has allowed the privately
    owned, [by the elites], Federal Reserve to run up the US deficit to
    over 17 trillion fiat Federal Reserve Notes.

    [You can continue to play the Fool's game and call them "dollars," but in reality, in fact, and in law they are not. However, the elite's Ponzi
    scheme of deception has people everywhere believing the Fed's fiat
    currency is a "dollar" and somehow has "value."]

    fiat\Fi"at\, [as in money], noun: irredeemable paper currency, not
    resting on a specie basis, but deriving its purchasing power from the
    declaratory fiat of the government issuing it. [1913 Webster

    The definition of fiat has been known for quite some time, [certainly
    before 1913], yet it does not seem to bother US citizens that the
    purported "money" that they think they hold is actually a dollar, a
    deception purposefully perpetrated by the government, in
    collusion with the elite's central banking system. [Europeans have
    the fiat Euro].

    Would it bother you to find out that your spouse of so many years, or someone you trusted, like a best friend, has been deceiving you into
    believing a falsehood? falsehood: an untrue representation or
    assertion]. Once you discovered you had been duped, for decades,
    would you ever be able to trust or believe in that individual again?

    The Federal Reserve, along with the corporate federal government,
    have done just that. If a Federal Reserve Note, [FRN], is not a
    dollar, then what is it? It is a commercial debt instrument issued by
    the Federal Reserve. Here is another revelation for those who have
    chosen not to question anything: Debt, by its very definition: an
    obligation to pay, cannot be money!

    Add to that is the other pertinent fact that the fiat FRN is
    irredeemable. It has no, zero intrinsic value. What ever value you
    may think a FRN has is purely imagined.

    Then there is this not so little interesting fact: The Federal Reserve
    creates FRNs at the cost of paper and ink, then loans its
    irredeemable fiat paper to the United States Treasury, for which the
    US taxpayer must pay back, with interest, to the Fed. Guess what
    the Fed will not accept as a form of repayment? The very same
    Federal Reserve Notes it issues. The Fed, as a part of the elite's
    corrupt scheme, demands gold and silver as payment in return for
    the created-out-of-thin-air "money."

    Fed to the bankrupt US government: "You do not have any more
    gold and silver to repay your debt to us? We will take over the U S
    Forestry Department as payment. We now own it, and it will now be
    known as the US Forestry Service. The public will not be any wiser to the switch." "Now we will take over, as in own, the US Post Office. It
    will be called the US Postal Service. The public will not notice the
    switch in name." Etc, etc, etc.

    The elites own the US through the passage of the Federal Reserve
    Act of 1913, passed on 23 December, two days before Christmas,
    when any opposing senators would be home on vacation and unable
    to cast any vote against the Act. One of the most important Acts
    passed in this country was done at a time when senate custom was
    not to pass anything from early December through early January,
    while most traveled home for the holidays. Travel, in those days,
    was by horse and carriage and train, primarily, to put this fast one
    into context.

    The elites never take a holiday. For a reason.

    When one begins to comprehend the enormity of the theft of all the
    assets of the US by the elites, for it defies the imagination of most
    and cognitive dissonance operates to prevent people from believing
    the truth when presented, for the Lie has been so well sold by the
    elites through the government and the elite-controlled media. When
    the enormity of what has transpired in a well-conceived takeover
    scheme, spanning decades so as to not arouse suspicion, so many
    things taken for granted are seen in an entirely different light.

    Going back to the fourth paragraph, what does matter is the never-
    ending creation of new debt, now over $17 trillion [FRN], as
    mentioned, because every fiat system throughout history as failed,
    and the American people are going to be in for the financial shock of
    their lives when the FRN "dollar," as it is known, gets devalued in the not too distant future. By how much is unknown, but anywhere from
    30% to 70% is likely, if not all at once, then in a few stages.

    Those who already own gold and silver will be protected, to a larger
    degree than otherwise, against the certain-to-come devaluation[s].
    We have been advocating the buy and hold strategy for over a year,
    specifically for physical gold and silver and personally holding the
    , as well. One of the provisions of the Patriot Act, [such an
    appealing sounding name, is it not?]...forced through at the direction of the elites to gain further control over unaware citizens, allows the
    government to raid anyone's safe deposit box that may hold either
    gold or silver. Still trust the banks?

    Some own gold and silver from much higher prices. That is okay
    and not a cause for concern. When the fiat Ponzi scheme fails, the
    unnaturally suppressed prices for both PMs will make $50 silver
    and $1800 gold look like an incredible bargain.

    Consider this, a few days ago, the Chinese yuan took the largest
    drop in five years against the fiat "dollar." China is now recognized
    as the largest holder of gold. The United States has become the
    largest debtor nation in history. You have to ask yourself, how is it
    that the nation that owns the largest gold supply can have its
    currency decline against the nation that has the largest debt? It
    defies logic. The games that go on between countries is way beyond
    us as individuals, and in reality, people are just pawns in the
    geopolitical scheme of things.

    The takeaway from all of this is the more than ever pressing need to
    keep on buying as much gold and silver as one can afford. Forget
    price. Ownership is all that matters. No one has a timetable for when things will fall apart, but the signs continue to grow and favor
    disintegration of the fiat FRN.

    The entire world-wide banking system is corrupt and run by corrupt
    people whose only objective is to steal as much of your money as
    they can. We are of the mind that the Western banking Ponzi scheme can go on for longer than most expect. It could take one or even two to three years longer before the fiat system unravels. Things could
    also go awry in the next several months. Regardless of when, the
    handwriting is on the wall for those who pay attention.

    Despite the growing acknowledgement that the COMEX and LBMA are just about out of gold, there is nothing glaring from the charts that flashes a dire warning sign. At some point, those in the know and in
    control will show their hand, somehow, in the paper market. There
    are changes underway, but all within what would be considered as normal in any market, even though the PM market, marked by
    excessive manipulation, is far from being like any other market.

    The most important aspect of the weekly gold chart is the COB,
    [Change Of Behavior], for what should have been strong selling
    was actually buyers overcoming sellers, and there was no further
    downside. Price has not looked back, since.

    Gold is near an area of resistance. What remains to be seen is how
    any correction develops. For that, the daily shows more detail.

    GC W 1 mar 14
    A trend change, for us, occurs when there is a higher low that is
    followed by a higher high, and daily gold meets that criteria. Gold
    held the overbought upper channel line for several trading days,
    certainly not indicative of a weak market.

    For as much as we see gold likely to not trade substantially higher,
    soon, that is a bias which must be ignored, for two reasons. 1]
    Anything can happen, and 2] having such a bias tends to preclude
    seeing activity contrary to that bias.

    Friday's intra day activity appeared bullish, early on, and we
    recommended a light position to the long side. It is more difficult to
    position in a market that may be turning its trend, but one has to
    follow a consistent approach and make adjustments as needed.

    GC D 1 Mar 14

    We are not sure how accurate the volume is for last week, but if it
    is as high as shown, it created a ref flag against the downside. It is
    something to watch for next week.

    SI W 1 Mar 14

    Instead of declining further, after Wednesday's large decline on
    sharply increased volume, price held in a sideways pattern. There
    is potential support in silver for the first time in a long time.
    Depending on where the next correction stops, it is possible for
    bullish spacing to develop. If so, it will add to what appears to be
    a changing market.

    SI D 1 Mar 14

    Mar 01 5:52 AM | Link | Comment!
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