Despite numerous “13s”, infamous technical analyst Tom DeMark tells Rick Santelli, the Fed’s liquidity pump has negated every one of these ‘potential sell’ signals and stocks have “unusually” kept going. DeMark goes on to note several analogs and trendlines that look extremely familiar; warning that the convergence of all these signals is notable and suggest “something comparable to 1929“. Unable to get a word in edgeways, Santelli is more intrigued by DeMark’s call on precious metals as he notes with downside limited, there is “a big move coming” for gold to the upside in 2014. Precious metals prices started to accelerate as POMO started (and again when it ended) and are extending the gains post DeMark (Silver +4% from early lows).
DeMark on the equity market analogs and Gold’s coming big move…
As we noted previously, the Ghost of 1929 is re-appearing in many signals.
and the longer-term trendlines are converging…unless… it is different this time…
Precious Metals are shifting notably today with Silver surging 2.7%!
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/E5XPbqBjNmw/story01.htm Tyler Durden