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Tuesday, May 9, 2023

US default, the end of the $USD, Gold, & Silver

 It's not bad enough the market continues to chop trade sideways for another month - as I pointed out again in yesterday's update - but to add insult to injury, we're subjected to endless (CCP style) propaganda  (fake news) about the end of the $USD, and the possibility of the US Government defaulting (on the National Debt), if the Democrats don't get their way. 

Janet Yellen Fear Porn 

“Our current projection is that in early June, a day will come when we’re unable to pay our bills unless Congress raises the debt ceiling, and it’s something I strongly urge Congress to do,” Yellen told ABC’s “This Week.” CNBC. 

Since when do we need a political hack like Janet Yellen telling Congress to do it's job? Since, republicans took back the Senate, of course! 

Bloomberg is also more than happy to report the same nonsense, and I bet Fox News as well. I was busy over the weekend, so I didn't have a chance to see the Sunday shows, ramping up the official narrative that's been coming out of the Whitehouse house, for several months now. Yes, months! 

One only needs to go back and look at where gold and silver started rallying to know when this - end of the $USD - psyop actually started, and thanks to the most recent fake news, Gold and Silver continue to hold up...

Watch for Gold and Silver to spike again, when today's meeting between Joe Biden, and Kevin McCarthy, ends in a stalemate. 

I think they could easily drag out these discussions for another few weeks. This is what Lawyers. 

$SLV Silver - no pattern required to see the $SLV continues to be bought at the 50 day ma

I can't think of another time in history, where Gold and Silver have traded in lock step like this, although I'm sure it has... in the past. 

At least they haven't attempted to blame the recent bank collapses on the republicans, threat to collapse the world's reserve currency!  

Getting back to the market trading sideways 

Make the most of it! Think of this as a good opportunity to practice charting in a sideways market, because traders who don't know how to read a chart are the ones who are getting wiped out in the current market environment. 

Your Homework 

  1. Google search: "sideways trading patterns" 
  2. Create several 15 - 60 min. charts, using 5 month views, and several more DCS (daily candlestick) charts, using 3-5 year views. 

For Example 

$NVDA NVIDIA  - it was just last month I pointed out a sideways triangle pattern in wave 4, and predicted that higher highs were coming. Super simple 

Markets can also trade in a range, and I see a lot of technicians point to these on charts, but more often than not, it's trading into some sort of pennant, or triangle pattern.  

Good luck, 

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