Friday, February 15, 2008

Outside Reversal Days

Today, Friday, Feb. 15, 2008, gold and silver put in outside reversal days to the downside; or came so close that they might as well be considered outside reversal days to the downside. Do not be fooled by these which could be attempts at "painting the charts", attempts at rigging the gold and silver markets since gold and silver are the "canaries in the coal mine".

Gold prices and silver prices are in major once in a life time bull markets. It was partly the markets. But it was probably more TPTB (The Powers That Be) stampeding the markets in the direction they wanted the markets to go today to reverse the affect of the outstandingly gold bullish news today.

What is interesting is that they were not outstanding or definitively outside days. It's as if the market almost but not quite fell for TPTB's stampede start. It's not as if there is no question about it what so ever.

TPTB and/or the PPT (Plunge Protection Team, for the US stock markets) at work today while almost all commodities had good days? Why were only gold and silver stomped on? No matter. Because of the fundamentals, they will loose, are loosing.

Outside reversal days to the downside: intraday prices went above the previous day's intraday high and went below the previous day's intraday lows and closed lower than the previous day's close. The opposite close (higher than the previous day's close) for a day to the upside.

Traders pay attention to these technical type of days. Thus the probable attempt at "painting the charts" to get the weak longs scared out of their positions.

These outside reversal days to the downside are not going to amount to a hill of beans in the whole scheme of things. TPTB could not get them to be **blatent** outside reversal days. They were weak or by the skin of their teeth type days. A good sign.

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