Saturday Review’s recording (for 6/11/16) …
Last week started obviously, quickly producing a rally as was expected. Trying to extend that rally inappropriately led to its expected reversal. And the character of its reversal suggests that a turning point may be here. Is topping process yet complete? We discuss this and more during this weekend’s Saturday Review.
GDX and GDXJ stock charts are reviewed toward the session’s end.
06/11/2016 09:29:15 sm: check check
06/11/2016 09:32:07 Mark Glezer: gm
06/11/2016 09:56:36 Bill G: Rod, are you alright, you seem distracted? Maybe it’s me
06/11/2016 09:57:06 Bill G: usually the case
06/11/2016 10:01:44 sm: What potential do you think still exists for the market to make another challenge on the all-time highs?
06/11/2016 10:06:00 sm: December’s high
06/11/2016 10:06:42 sm: ok
06/11/2016 10:07:09 sm: Yeah, either way we completed the requried test of the highs.
06/11/2016 10:08:01 Bill G: Do you expect lower before attacking the May 2015 high?
06/11/2016 10:09:04 Bill G: If it ever happens
06/11/2016 10:11:04 sm: The decline in Aug was considered an incomplete satisfaction of the 2015 topping pattern…if a decline commences from the current area, would you consider that to be a part of that effort?
06/11/2016 10:11:34 sm: Or an altogether new decline, not necessarily tied to 2015?
06/11/2016 10:19:13 sm: Sorry for taking the conversation back to the big picture (takes me a few minutes to digest your comments)…Since an decline from current levels would be a separate effort (different sponsorhip) from that which orignated in 2015, but we have now an even larger context of distribution which includes the past eight month PLUS that which occured in 2015, would you anticipate even lower levels than would have been seen if the decline had been more successful initally and had actually made its way into the 1700s that were possible at that time?
06/11/2016 10:21:17 sm: :)
06/11/2016 10:21:41 Josey: will the brix strenghten gold?
06/11/2016 10:27:57 sm: thx
06/11/2016 10:28:19 Josey: if it goes through.
06/11/2016 10:32:11 Josey: TY
06/11/2016 10:32:23 Mark Glezer: thx
Near the 30 minute mark of the recording, there was an intermarket comparison underway and after noting that the Dow is currently outperforming relative to the S&Ps, and the NDX is underperforming relative to the S&Ps, there was a comment that a realignment of the three markets would a harbinger of impending decline. “The clincher” was to see the three markets making one last attempt higher in unison. Question: Why is it that a unified attempt higher in the current market environment would ‘clinch’ the top? There’s a nuance that I’m not quite getting that suggests that a unified attempt higher in the current market environment would essentially confirm an impending decline of significance.