Good afternoon my friends. It is about 1 p.m. Eastern Time, USA. Let's take a look at BTC!
The good sign with BTC is it holds 6500 with no decline in SENTIMENT. We gauge sentiment here to market performance. You want pessimism on serious declines, etc. And, the reverse on rallies. Want to make money, you must be a contrarian. But learning to read "subtleties" is something else.
Am I excited at 79 percent bulls? NO. But on the rally from 6000 to 6500 we actually have slightly more bears on board!
1.) I am not looking at a serious decline here. 2.) Any rally further will be well contained. 3) A given; we are not staying in this tight range forever.
We are likely to back and fill for a while and if I see (hopefully) continued (slowly) a bit more pessimism the bias is to the upside. I am long term bullish. Just remember our mission here is not to miss the major moves. See the chart above? We've called every 1000 plus point move here since Jan.'s SELL.
The Dow: nothing's changed. Today we consolidate and we trudge higher to likely new highs this year..But be very very wary longer term. SENTIMENT is very positive (short term). But World events including a DEBT crisis to come that may make '08 look like "a walk in the park"
WHAT IS TAKING PLACE IN TURKEY WILL NOT STAY IN TURKEY. That is a fact. Keep an eye on Italy and even Germany.
USA's debt is gone totally out of control and China doesn't like it. They like gold and will insist before long on the yellow metal becoming most significant as reserve currency. How important is the fact that China Downgraded our debt to BBB plus: junk bond status. Russia meanwhile has unloaded loads of our debt only to buy gold. JPM now it is "assumed has 600,000,000 oz's of silver, albeit "only" 150,000,000 can be verified.
The chart above says it all. I could put up a few more, but pointless. No,I did not feel we would go this low over the summer!
But would I argue with Ron Rosen (the best)? He's called for 1140 or even a touch lower by November before the "mother of all bull moves".
Whose calling for 6000 (minimum gold) over the next few years? Przem. Radomski and you can see his extensive work Thurs. on Goldseek. com. I would not mention him only in that to me he has PROVEN to be very, very accurate. He called the top years back, called the 1360 (recent) level as a sell short term and to go below 1200 before a massive up move.
I've learned who to place trust in....Avi Gilburt, Arch Crawford, Charles Nenner, Gerald Celente, Radomski, Dr. Stephen Leeb. Remember our own Cryptocurrency page here? 85% or more of our "experts" were bulls at 15,000 BTC and up! Remember our BUY at 5850 late June? It seemed almost all of them were looking for 4000 and under. I don't listen to many. They best have stellar long term records and pretty much match my own indicators.
Here is wishing you all a great weekend. Interesting times lie ahead. And thank you for your support!