Wednesday Sept 5, 2018
Crude oil shot up and then gave it all back.We use XOP as it has intra-day display and WTIC does not.
The sharp move up created a gap which was closed and reversed by day end. And that broke the up trend. And PMO is turning down.
Silver re tests 2016 low
Silver is re testing its 2016 low.The break down yesterday like hte spike low in June of 2017 may be a precursor for such a low.
Central Fund tests late 2016 low
CEF is within a few cents of its 216 low just under 11.50.
US Dollar at Decision Point
the US Dollar has come back half way into its last high. The MAs have converged suggesting this is a do or die moment to determine more or less strength.
Technicians do not speculate on political outcomes. But the impasse with Canada with an election close by seems foolish. Resolving that would be a plus and perhaps put in a top for the dollar.
Meanwhile we posted Tom McClellan's suggestion that stocks could see a repeat of their 1994 sell of beginning August 30. So far that is the case.
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