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Tuesday, June 19, 2012

Chart state of Gold, Silver, Oil. Time to buy?

Lets recap from my view on the events around natural resource pricing in the last year or so.
On August 1st 2011, posted that a market crash may be around the corner, this was based on the long term weekly trend lines, in post This Week in Charts.  S&P was about 1300, just off the high of 1350.
Then August 8th posted about not panicking about US debt downgrade. The market low was the very next day and the market hasn't returned to that level since.

I started to get nervous on August 18th, sold longs 9-1-11 in post know when to hold them, know when to walk away. Then made it official with my 9-11-11 post down market ahead in charts, 9-15-11 posted about gold down ahead in Gold Break Trendlines.  Then added a bear icon added to the top of this blog on 9-18-11 in post the Bear is Back.

Since then I have been very nervous about going long just about anything.  A few times posted nibbles on natural resources.
Little bit on gold and silver on 10-26-11, in hindsight way to optimistic.
Little bit of GDX on January 26 at 55, with stop of 49 (triggered)
Little bit of GDX and GDXJ at 46 and 21 respectively on April 26 12.
Finally a timid (should have been more aggressive) in post Decent entry for miners.  GDX at 40, GDXJ at 18.50.
So here we sit with GDX at 47.73 and GDXJ at 21.13.
To date all buys since April 26th have been vindicated as good buys.  Lets try again at future telling charts.
I look at these charts and see building blocks for movements higher.
I am cautiously moving from my natural resource timid attitude as of 9-1-11 to a resource bull now.

Don't forget my disclaimer, I am an idiot throwing darts on a dartboard, invest at your own risk.

To the charts!

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