Tag Archives: gld

Late to the party…

Posted on Aug 04, 2011 by WHC Bassetti.

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People just beginning to talk about the head and shoulders formation (CNBC, Drudge) are late to the party and will find that no chairs are left in the musical chairs game.

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Lamentably, analysis coming true…

Posted on Aug 02, 2011 by WHC Bassetti.

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Today on an impressive (if not depressive) power bar down SPX prices penetrated the neckline of what appears a head-and-shoulders formation.  In our last letter we explored the possible implications of completion of this formation, detailing various targets for a downwave.  We calculated the targets using a bevy of technical analysis techniques and now is a good time to remind readers that the targets are an analysis, not a guarantee or a prediction.

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Treachery — in Washington? — in the market?

Posted on Jul 22, 2011 by WHC Bassetti.

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We have remarked on the unreliability — treachery if you will, or false signals — that are inherent in mule –or sideways– markets.  This may be seen at e above where the new high was quickly turned back on what should have been an acceleration.  That line, from March 09 is crucially important.  While broken the market can nullify the break by powering upward, which it appears from the past few weeks it was attempting to do.  The line from March 09 is now a resistance point.

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Charlie Brown kicks football…

Posted on Jul 20, 2011 by WHC Bassetti.

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So far readers and traders who have followed Variant 1 of the Basing Points procedure are sitting in the catbird seat and enjoying the naked mud wrestling going on here.  Meanwhile we, being inveterate football players cannot resist when we see Lucy tee up the ball.  We have to kick it, and did going long the indices yesterday.  Don’t do this at home.  A power bar like that makes us think that some smart money talked to Mitch McConnell and got the word that a deal is on for the debt limit.  But don’t worry.  While “revenue” will be “enhanced” no “taxes” will be raised.  Have any of our readers read Orwell’s 1984?

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You can always hide in Switzerland…and maybe you should…

Posted on Jul 14, 2011 by WHC Bassetti.

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A charming and well run country with no bomb throwers in its legislature.  A few nuts, but what country doesn’t have a few.  Ratio of nuts to level headed burghers extremely low.  And a solid currency, which has just broken out again with this clear buy signal.  We wouldn’t treat this as a trend signal, though it might be.  (It might just be Americans fleeing their country where the bomb throwers don’t want to raise the national debt limit (that will show those tax and spenders.  We’ll blow up the country to make a point.)  We would treat this as a trade, because we think it is due to the Mexican (now there ‘s a nice country to vacation in — except for a few bandidos, drug runners, kidnappers, and mariachis run amok –many tourists have returned unscathed.) standoff in Washington.

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