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

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Brexit's Effect on Markets a Tad Overdone

By: Rick Ackerman, Rick's Picks

 -- Published: Tuesday, 28 June 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/06/Dow-would-need-to-fall.jpg

The selloff since Friday may seem momentous to trade-desk denizens, but so far it has barely caused a blip on the Dow’s weekly chart (see inset).  Would another thousand-point selloff seem scary? As you can see for yourself, even that would not exceed any important prior lows. It would in fact require a further decline of 1638 points to do so — to suggest that the post-Brexit plunge is anything more than a nasty shakedown by those who control the markets with practically unlimited borrowing power.

The foregoing is intended to remind you that Brexit is not necessarily the end of the world. Indeed, there are as many positive arguments to be made for the outcome as negative, and that’s why the reaction of securities markets globally seems greatly overdone. Yes, we still should keep close tabs on the selling, since there’s always the chance it could snowball into a bear market that seems long overdue. But my gut feeling is that stocks will reverse shortly, perhaps as early as Tuesday, a statistical turnaround day. If so, a logical price where this might occur is from 17008, the ‘secondary’ pivot of a minor pattern on the 15-minute chart (a=18011, b=17356); or perhaps from 16845, the pattern’s ‘d’ target. Neither of these Hidden Pivot supports corresponds to the 1973.50 target I’ve proffered for the E-Mini S&Ps, so both vehicles will have to be monitored and traded separately, presumably with very tight stop-losses if bottom-fishing. Alternatively, if these levels give way very easily, it would imply significantly lower prices ahead. We’ll wait and see. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription

 

 


| Digg This Article
 -- Published: Tuesday, 28 June 2016 | 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.