LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold & Silver Price Manipulation: The Greatest Trick Ever Pulled
By: Ronan Manly, Bullion Star

Gold & Gold Stocks Ripping. What's Next?
By: Jordan Roy-Byrne CMT, MFTA

Asian Metals Market Update: July-23-2019
By: Chintan Karnani, Insignia Consultants

Silver Seeks to Catch Up With Gold
By: Frank Holmes, US Funds

GoldSeek Radio: Bill Murphy and Bob Hoye
By: Chris Waltzek, GoldSeek Radio

Bull or Bear? The Market’s Message
By: Plunger

Gold Market Update - “so far so good”
By: Clive Maund

Investors Blinded by Greed, but Not for Much Longer
By: Rick Ackerman, Rick's Picks

Precious Metals Update Video: Gold Monthly Chart breaking out
By: Ira Epstein

FT's Martin Wolf: Who cares about the prices of useless metals and market rigging?
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
A Second, Big Leg Down Is Coming

By: Rick Ackerman, Rick's Picks

 -- Published: Monday, 14 September 2015 | Print  | Disqus 

Take a good look at the long-term chart shown and let it liberate your imagination. It’s not difficult to see the force of gravity at work here, pulling the S&Ps toward a trendline that lies 250 points below. Notice how, when the futures swooned last autumn, the recovery was much steeper and swifter than the decline. Not this time. Three weeks into a bounce that has been punctuated by manic, fleeting short squeezes, stocks have yet to recoup even half of the losses suffered during the last two weeks of August.

It would seem that the “story” needed to drive a strong rally simply isn’t there. The Fed can’t loosen because rates are already near zero. China’s economy is weakening rather than strengthening, and Europe is now a full-blown basket case. Adding to this disquieting picture, America’s enemies have grown increasingly bold and seem now to be daring Obama, the weakest and most inept U.S. president in history, to do something about it.  Not exactly a comforting picture. Under the circumstances, it seems safe to predict that the S&Ps will fall at least to the trendline shown, currently around 1700. If so, the Dow, now trading for 16433, would fall to 14000 — down 24% from May’s all time high of 18351.

And then what?  Elliott Wavesters might say the chart leaves room for a Wave Five surge to new record highs. That would be hard to imagine, considering that the coming recession, or perhaps depression, will leave the U.S. and global economies in a state of smoldering ruin. Whatever happens, we should keep an open mind. First, though, we’ll look for the broad averages to complete the bearish cycle begun in August with a drop to the trendline. The implication is that any rally in the days or possibly weeks ahead is a gift to those looking to get short.  Click here for a free two-week trial subscription to Rick’s Picks that will give you access not only to daily trading ‘touts’, bulletins, updates and impromptu trading sessions, as well as to a 24/7 chat room that draws veteran traders from around the world.


| Digg This Article
 -- Published: Monday, 14 September 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.