The charts don’t lie
What an amazing week!
I doubt we will ever see such moves in gold again. We awoke to a minus $100 print Monday morning after overseas trading. That is exactly why I almost always avoid trading gold products. The overnight risk is too much and doubly so in a volatile market which is my favorite kind of market.
We had a super week two weeks ago but this past week we topped it by a good margin. It’s about time we’re seeing volatility in the markets after a slow grind higher in 2013.
It doesn’t really matter to me if the markets rise or fall but I enjoy larger moves as we are seeing now. We should be in for even more volatility in the weeks ahead and that means we should be in for more great profits.
We’ve been sitting around a lot waiting for the easy money to come to us and it did in a large way this past week.
Markets really only move well two or three times a year and you can make a mint during those times. The secret is to identify those times and that’s where I try and help the most. Then, identifying the best opportunities.
Our best move the past week was one trade in the iCompany that we’ve been stalking and waiting for to develop. We finally got our short signal this past week and it payed off huge for those who were ready and all subscribers knew exactly what to do and when to do it.
Many people like to put small percentages into a trade but I much prefer to wait for an easy setup with large potential and then go very heavy. It works and works well!
A single trade such as we had this past week can easily double your account even putting only 20% into the trade and you can definitely do more than that in the right setups.
While the precious metals should be avoided here on a trading basis there are many great fast moving stocks that can make your year in a heartbeat when things are moving, and things are moving now!
Let’s check into the precious metals charts whom are now broken as I’ve been warning all of 2013.
Now they need major work before a buy signal can come.
Gold was slammed $5.05% this past week and was down much more than that in Sunday night overseas trading. Gold has found a temporary low here but is certainly not going to snapback quickly from this beating.
In an ideal world we would see a few weeks chopping around in the range between $1,425 and $1,325 or so before another plunge to new lows with a quick snapback. This would form a nice double bottom buy signal.
Of course this world is far from perfect with the sick Boston bombing being the most recent close to home example of this less than perfect world.
For now gold is a total avoid. Even for purchasing physical metals it could be dangerous. It’s definitely on sale here and picking up a portion of what you want wouldn’t be the worst idea but we could see much cheaper prices in the not too distant future.
Personally I’m just sitting back and marvelling at the show and will until I see a new buy or sell signal which will likely take some time.
Until then my focus for myself and subscribers is leading fast moving money making stocks!
Silver fell 10.22% this past week in a wild move. I still think we’ve got to tap the $20 support area before we can really start to think a low has been put in.
It doesn’t matter what the reasons or excuses for the precious metals dropping are, the fact is they are under heavy pressure and do not look to have put in a low yet.
I think people get to worked up about gold and silver. Don’t worry they will rise when the time is right, but that is not right now.
I focus on making money, not finding reasons why gold should rise daily.
Platinum could not escape the pressure and lost 4.44% on the week. The steps lower, or bear flag after bear flag, sent the metal into a major plunge. Now we see what sort of base can form here in time and go from there.
Until then I’m avoiding this metal as well.
Palladium rose 1.51% for the week but you’d never know it. All four precious metals have the same charts here and they are ugly.
The is no need or point in giving a long winded explanation, the facts are that the charts were bearish and the price action confirmed this. They remain that way and will, until they don’t.
Enjoy your weekend and focus on making money with fast moving predictable stocks, not trying to pick a bottom here for the precious metals.
Many people have tried to catch falling knives before and they are all missing fingers. Keep your fingers and your cash.