It was a rough Monday-Tuesday-Wednesday for the CDNX as a big drop in Gold following the EU summit, combined with continued tax-loss selling, drove the Index down 9% over those three sessions. Trading Thursday and Friday offered encouragement that next week could bring some Christmas cheer. John updates the CDNX chart below, and we’ll examine the bigger picture for this market and Gold in our Week In Review tomorrow.
John/Jon
Not including friday, we have had only 2 white candles in the last 20 days or so, therefore
i feel 14-3 slow sto. period is a clear indication of what may be going on. Using the 14-3
period the slow stochastic reading shows the %K 7.15 rose through the %D 3.84. Along with
the other positive indicators, Santa may be coming to the Venture. R !
Comment by Bert — December 17, 2011 @ 10:55 am
From Peter Grandich’s Blog—— NEWFOUNDLAND DECLARES WAR ON THE U.S.A.
It sounds as if a Nflder made this up because their people have the greatest sense of humour of all the provinces, and have enough self-esteem to poke fun at themselves. Hoorah for Nfld. I am still smiling.
“President Barack Obama was in the Oval Office when his telephone rang.
“Hallo, President Obama,” a heavily accented voice said. “This is Archie, up ere at the Harp Seal Pub in Badger’s Cove, Newfoundland, Canada, he? I am callin’ to tells ya dat we are officially declaring war on ya!”
“Well Archie,” Barack replied, “This is indeed important news! How big is your army?”
“Right now,” said Archie, after a moments calculation, “there is myself, me cousin Harold, me next-door-neighbor Mick, and the whole dart team from the pub. That makes eight!”
Barack paused. “I must tell you Archie that I have one million men in my army waiting to move on my command.”
“Wow,” said Archie. “I’ll have at call ya back!”
Sure enough, the next day, Archie called again.” Mr. Obama , the war is still on! We have managed to acquire some infantry equipment!”
“And what equipment would that be Archie?” Barack asked.
“Well sir, we have two combines, a bulldozer, and Harry ‘s farm tractor.”
President Obama sighed. “I must tell you Archie, that I have 16,000 tanks and 14,000 armored personnel carriers. Also I’ve increased my army to one and a half million since we last spoke.”
“Lord above,” said Archie, “I’ll be getting back to ya.”
Sure enough, Archie rang again the next day.. ” President Obama , the war is still on! We have managed to git ourselves airborne! We up an’ modified Harrigan’s ultra-light wit a couple of shotguns in the cockpit, and four boys from the Legion have joined us as well!”
Barack was silent for a minute then cleared his throat. “I must tell you Archie that I have 10,000 bombers and 20,000 fighter planes. My military complex is surrounded by laser-guided, surface-to-air missile sites. And since we last spoke, I’ve increased my army to TWO MILLION!”
“Jumpins,” said Archie, “l’ll have at call youse back.”
Sure enough, Archie called again the next day. ” President Obama! I am sorry to have to tell you dat we have had to call off dis ‘ere war.”
“I’m sorry to hear that,” said Barack. “Why the sudden change of heart?”
Well, sir,” said Archie, “we’ve all sat ourselves down and had a long chat over a bunch of pints, and come to realize dat dere’s no way we can feed two million prisoners..”
Comment by Bert — December 17, 2011 @ 11:05 am
Hi Bert
My main point with this chart is that this is not the time to come to a conclusion that the CDNX will go up or it will go down. The chart patterns and indicators are in conflict thus to make an up/down decision NOW is just guessing. IMHO that is a good way to lose money. Be careful…
Comment by John - BMR — December 17, 2011 @ 11:23 am
If we go up on Monday & have a good week, i would suggest that you & i change places (just tormenting). R !
Comment by Bert — December 17, 2011 @ 11:28 am
In this environment, how can anyone predict anything ?
—————————————————–
NEW YORK (CNNMoney) — The week ahead on Wall Street could be a choppy one, as investors remain worried about the debt crisis in Europe.
Trading volume is expected to be low, with many market players taking time off ahead of the holidays. That could make for a volatile week, since low trading volume tends to exaggerate swings in the market.
“Low volume can skew the market either way, and it can be quite dramatic,” said Quincy Krosby, market strategist with Prudential Financial. As a result, she added, “analysts normally don’t put much conviction in the moves.”
That said, investors will still be keeping a close eye on what’s going on in Europe.
Europe on downgrade watch
In particular, there is widespread speculation that Standard & Poor’s will soon downgrade France and other eurozone governments, after the ratings agency put 15 members of the currency bloc on review earlier this month.
“S&P could well move before the year end, with Moody’s hot on its heels early next year,” wrote Grant Lewis and Tobias Blattner, market analysts at Daiwa Capital Markets, in a report.
Investors will also be watching the euro currency. The euro, which had been fairly resilient throughout the crisis, fell below a key level last week against the U.S. dollar.
Meanwhile, traders have a full slate of reports on the U.S. economy to chew on in the week ahead.
Next week brings the government’s final reading on U.S. Gross Domestic Product for the third quarter. Economists expect the report to show growth of 2.0%, up from 1.3% in the second quarter and unchanged from the previous estimate.
In addition, reports are due on the housing market, durable goods orders, personal income and spending, as well as a key measure of consumer sentiment.
The U.S. economy has been showing signs of strength recently. But investors will be looking for signs that consumers are willing to spend big this holiday season.
Comment by Bert — December 18, 2011 @ 4:17 am
Hi all,
Hav ye had a look eer at T.AZ. Material currently being brought to surface, trucks to start hauling probably this week. Cash cost 600-650 an ounce, calling for 25000 ounce of gold in 2012 and 40000 ounces of gold in 2013, more drill results coming and a new 43-101. Should be a good one, i think anyways. Love the joke on #2 Bert.
Comment by Ed — December 18, 2011 @ 9:49 am