Friday, September 19, 2014

"Damn you Uncle Buck" (shaking fist)

I'm posting some recommendations with a long outlook:

Energy Market Bear: ERY
This is another recommendation I've been going on about. A rising American dollar is bearish for commodities but especially energy concerns as exports decrease. The EMA(13) is still above the EMA(34) and both are on a collision course with the MA(144).

Gold: DGLD
Gold is still in a very unhappy place and becomes increasingly redundant with a rising dollar. On the point and figure chart GLD is expected to fall to 106.00. DGLD still looks like a "buy" as I have been recommendation a "short/sell" since July.

Silver: DSLV
Silver is at a critical support zone right now. I said over the weekend that this week would tell us whether SLV continues downwards or makes a turn back up. I reported this morning that purchase of SLV is greater than at any other time before which is bullish, but the chart to me still looks bearish.

Crude Oil: DWTI
A rising dollar has had its most profound effects on crude oil prices. USO is currently sitting at support on the weekly chart but has already broken down on the daily chart. I am interested to see if it follows through on its breakdown, however production is currently being cut in Saudi Arabia and a major field has been closed in Libya pulling prices in the other direction. We should be getting an answer over the next week but I think crude is a short/sell.

Treasury Bear: TMV
The ascent of the American dollar has also begun to have a knock on effect on the Treasuries. The slow STO (5,1) is currently overbought along with the TRIX and MACD. I like the look of TMV a lot except now is not currently a buying opportunity so let's wait for the slow STO to come back down.

Jakob Richardson © 2014