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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: rogermci® who wrote (19796)	8/26/2017 11:00:04 AM
From: robert b furman	Respond to of 33421

Hi John, clx gets a strong tailwind latter part of next week ,early part of next week a mild head wind. Ant sideways on monday and clx goes from negative to above zero. 2cs reversed Thursday and has a good chance of continuing to lower numbers forming a top again. I'm thinking Monday could be a very good up day. It surely wouldn't be the first time a Fed meeting gave us a short term head fake the day of a meeting. Aydis of the clx study has been declining and or negative for the last 14-15 days and has now been positive for the last 3 days. WE SEEE!!! Bob

To: rogermci® who wrote (19796)

8/26/2017 3:28:47 PM

From: John Pitera

2 Recommendations

Recommended By
ggersh
The Ox

Respond to of 33421

Gold Is Shaken by a Mysterious 2 Million-Ounce Trade
By Susanne Barton and Luzi-Ann Javier
August 25, 2017, 1:22 PM EDT August 25, 2017, 3:11 PM EDT

So much for a quiet Friday in late August.

After weeks of relative slumber, gold traders were rudely awoken to a surge in volume and volatility. In a span of one minute, gold futures contracts equaling more than 2 million ounces traded -- about 20 minutes before Federal Reserve Chair Janet Yellen was to address a gathering of policy makers in Jackson Hole, Wyoming.

The episode jolted the market after a measure of 60-day volatility on the metal touched the lowest since 2005. Gold had been in quiet mode even amid political discord in Washington, concerns about rising U.S. interest rates and tensions between the U.S. and North Korea. Yellen’s speech, which lacked clear rate cues, did little to calm the price swings and damped expectations of a rate hike this year.

The market is “bipolar,” Bob Haberkorn, a senior market strategist at RJO Futures, said by phone. “Between now and the end of the year, the story is going to be the Fed. The Fed was pretty hawkish coming into the year. Now it feels like they are backing away from September.”

Gold futures for December delivery rose 0.5 percent to settle at $1,297.90 an ounce at 1:36 p.m. on the Comex in New York, after falling as much as 0.8 percent and climbing 0.7 percent to briefly pierce the $1,300 threshold.

After peaking at 21,256 gold futures contracts at 9:41 a.m., trading fell to 6,683 contracts a minute later. On June 26, the market was also rattled when 18,149 lots equaling about 1.8 million ounces of gold traded in just one minute. It later fell back to 2,334 lots.

Federal Reserve Bank of Dallas President Robert Kaplan may have helped fuel the sharp move before Yellen’s speech Friday by saying the central bank can afford to be patient on raising interest rates even while noting it should shrink the balance sheet soon.

‘Difficult to Trade’“Kaplan was dovish and sent it higher,” Robin Bhar, an analyst at Societe Generale AG, said by phone. “I don’t know if anyone then got wind of what Yellen was going to say, but it then dropped like a stone. And then, when she didn’t mention monetary policy, things started to stabilize again.”

“These are crazy markets, and very difficult to trade,” Bhar said of Friday’s gold moves. “The net result was extreme volatility.”

Base metals also fluctuated Friday. Copper on the Comex settled unchanged at $3.0565 a pound at 1:27 p.m. in New York, after falling as much as 0.5 percent and rising 0.7 percent. The metal posted a seventh weekly climb, the longest stretch of such gains since 2009.

“If you look at the chart, it just exploded to the upside,” Peter Thomas, senior vice president at Zaner Group LLC, said of the copper trading Friday. A few minutes later, “we came right back down. It was insane.”

On the London Metal Exchange, copper slipped 0.3 percent after advancing as much as 0.9 percent. The five other main metals also fell.

http://www.bloomberg.com/news/articles/2017-08-25/gold-shaken-out-of-slumber-by-a-mysterious-2-million-ounce-trade

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(editorial note by JJP: volatility is increasing across an array of markets and asset classes after a long period of slumbering....... with little volatility, this is the classic pattern of how The Capital Markets morph from a Bull Market in Equities into a Bearish time of upheaval and price erosion.

Copper and the 10 year note which normally track each other nicely, have diverged wildly the past 6 months with Dr. Copper going up, up up and the yield going down.

So either Copper is going to collapse in price and tell us we have an economic downturn OR Interest Rates are going to go North of 3% and then 4% and 5% and that will contract PE multiples and put the whammy on the massive borrowing being done by the corporate and sovereign sectors.

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To: The Ox who wrote (19760)	8/16/2017 9:44:24 PM
From: John P	2 Recommendations Read Replies (1) of 19797

DR COPPER at an important juncture... and daily USD looking like an upward correction since the low on 08/02/17 at 92.39.... I'll be showing the EUR and JPY later. Daily chart amazing how the 1.1618 fractal projection advance is in perfect alignment with the .618 fractal advance from an additional up wave,( both at $2.82 ) and notice how we are at 1.618 fractal price projection from the mid June to early July... 18 month daily chart with FIBS...... the 10 year Week Copper Chart with FIBS we are at a cluster of 2 different FIB time periods. Money flow is looking strong...... lt easy to believe there could be technical selling here.... but the thing about bull markets is that you don't pick tops.... as this is not a bull market top in my mind. Let's see how the price reacts ... and it's gonna be party time central for the bulls if we break through all these resistance levels we are at...... The 40 year monthly chart is amazing. The 40 year Monthly Copper chart with Fibs shows the real primary one retracement zone is $3.09 although we are at a weaker resistance here at 2.95......but we've traded up to $2.9811 tonight..... It's amazing all these different Fibs levels ..... I'm moving to reduce the long side a little but right now we could well see us break $3.000 on a trek higher.... We shall let price action be the AX ... as it always is.. The daily USD index has the distinct look of an upward corrective price advance since 08-02-17 low at 92.39 The USD index has been getting resistance at some Fib resistance points. JP