GM Jenkins calls it quits

 After many happy years of education here at ScrewTape Files University (STFU), it is with bittersweet feelings I announce that I have accepted a position elsewhere to do some other crap. I will resign my position as the Leonardo Fibonacci Professor of T&A tomorrow at close of business, and, frankly, will most likely never look at another chart again. 

See, loyal readers, I've been haunted by the suspicion for years now that this stuff is essentially worthless and--not to put too fine a point on it--adds value only to the lives of jibbering idiots and recovering schizophrenics. (Certainly not to their portfolios. . .)

April Fools! 

Did anyone really fall for that? As if I could have ever built my world class collection of Dolce Gabbana high tops without my world class charting skills! 

So here are a million charts for y'all (interspersed with some photos of my favorite high tops, so that you, too, can keep your eyes on the prize...) 

Unfortunately, I have very little time for commentary (if in doubt, I recommend commenter Eric Original's advice from our last post, which to paraphrase went something like "gold just fell below the 200 day MA, get the hell out") ... as I'm late to a wine and cheese, where as a member of the STFU faculty I must introduce myself to next year's incoming class. It was mentioned to me that, in the spirit of progressivism, we have admitted more young women this year than ever before. And as a member of the admissions committee, I can testify that several are fine technical analysts indeed. That they are women, however, I cannot swear.

At any rate, to the charts. The week's just begun, but it's looking like we're headed for a major three-line break reversal by Friday's close on these go-to charts re: when to buy gold, silver respectively... keep an eye on them.

This Canadian dollar chart is telling me the dollar will rally. (But when I take my Zyprexa, it generally stops talking)

 All the major moving averages broken as of today in gold except the 100-day at $1275.

the always important 144-day MA

Let's watch gold vs. other commodities:

 And keep an eye on palladium. That trend line goes back to its crazy dotcom bubble high.
 Finally. some silver charts that are at precarious points.

Till next time-


ssgtrader said...

You almost got me. Anyway PM is not looking good.

GM Jenkins said...

I agree ssg, though I did gamble yesterday that gold will hit the 200-day again before declining further, as it was oversold.

How's your trading going? You've mentioned you're from China, I believe -- any anecdotes for us about the PM markets there?

ssgtrader said...

hi GM, I am from Singapore and w Chinese. Although my father and grand father came from China, I was born in Singapore. Singapore is close to Malaysia, which by now I guess everyone in the world know where it is.

My trading in PM in not that great, my making in NDX all gave back playing PM. With silver dropped back to 19+, it is not difficult to see why. I think is easier to play NDX or the stock market. I missed the ran up from 3540 to 3660. I did enter at 3557 pretty close to the bottom but was shaken out of my position when the big boys forced it from 3600 back down to 3560. I happened to wake up like 4am, only half awake, my instinct was to protect my capital and I closed 3561 missing 100pts moves in NDX within the next 2 days. Next day, I was queueing at 3578 the whoie day but had no luck, that night NDX rocketed from 3580 to 3660. Anyway I don't like to chase and I only like to buy close to support. I don't need to trade everyday, only choose when confident are higher and close to support. If not I pretty much just watch on the side line. I suggest you take a look at the stock market as PM is too tough to play.

ssgtrader said...

Actually my account is flat since Sept 2013, but I forgot I draw $ out twice from my account to spend. So all in all I am still up and didn't loose all my winning in PM.

ssgtrader said...

Base on my capital the winning is 33% could have beem much more if I don't switch from NDX to PM

ssgtrader said...

If you are talking about China, the situation is not pretty. The new govt is pretty smart and is trying to tighten credit and bring speculation in the country within control. Their interbacnk rates shot up many time to >10%. The prime property in Hong Kong was affected and dropped more that 10% as many Chinese buyer had to sell to bring $ back home to protect their business. I don't think Chinese buyng is going to support PM. Just look at the way Copper get hammered. a lot of backdoor financing is done through Copper hedge. I think this new govt is smart as they are taking the short term pain to clean their house for long term gain.

S Roche said...


I was taken in for a moment, it was a deep sense of relief when I read on.

In those dark moments of the soul, when you might need further inspiration can I suggest that you look to the stars:

Perhaps someone with these skills could take this up as a regular STFU feature.

Don't say I never help much around here.

ssgtrader said...

Ha ha for Astrology, you can refer to MMA weekly. His daily news letter charges $3250/year.
Weekly report is $1500/year. He won the best forecaster of US stock market for 2013 (from some European agency). You can read the free weeekly pre-view.

ssgtrader said...

Missed the 100 points up but caught the 100 points down in NDX on Friday. S&P and DJIA both had a doji candle stick on their weekly chart, next few weeks is not going to be good for stock.