8/6/2019 Gold and Crude Oil Bubbles have Popped

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Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.

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May 6, 2011 – Gold and Crud e Oil Bubbl es have Popped

Gold plunged $43.3 the Troy ounce on Thursday as this bubble has burst from an all time high

of $1577.4 set on Monday to a low of $1462.5 on Thursday above my semiannual value level at$1452.6. Crude oil got flushed by $9.87 per barrel on Thursday. Oil tested a multi-year high at$114.83 on Monday to this morning’s overnight low at $94.63 my annual pivots at $99.91 and$101.92. Economically sensitive Comex Copper has been moving sideways to down sinceFebruary 15th and is now on the cusp of its 200-day simple moving at 398.01. Copper has beenabove its 200-day since August 26, 2010. The February 15th high was 464.95, right on my annuarisky level for 2011. My annual value level is 386.09.

Courtesy of Thomson / Reuters

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The US Treasury 10-Year note declined to 3.148 on Thursday as a flight to quality continues.The currency bubble has yet to pop, but the euro versus the dollar slipped to 1.4511 overnightafter setting a new 2011 high at 1.4941 on Wednesday. Stocks are starting to shift to negative

daily MOJO favoring the bears.

10-Year Note – (3.159) Monthly and annual value levels are 3.757 and 3.796 with weekly and dailypivots at 3.292 and 3.157, and annual and semiannual risky levels at 2.690, 2.441, and 2.322.  

Courtesy of Thomson / Reuters

Comex Gold – ($1472.2) Semiannual and annual value levels are $1452.6 and $1356.5 withquarterly, daily and monthly risky levels at $1531.5, $1531.5 and $1589.3.

Courtesy of Thomson / Reuters

8/6/2019 Gold and Crude Oil Bubbles have Popped

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Nymex Crude Oil – ($99.06) A semiannual value level is $87.52 with annual pivots at $99.91 and$101.92 with daily, quarterly, weekly, monthly and quarterly risky levels at $106.32, $107.14, $112.82,$119.17 and $120.52.

Courtesy of Thomson / Reuters

The Euro – (1.4525) My quarterly value level is 1.4308 with quarterly, weekly and daily risky levels at1.4624, 1.4782 and 1.4892.

Courtesy of Thomson / Reuters

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Daily Dow: (12,584) YTD high; 12,876.00 on Monday. My annual value level is 11,491 with a weeklypivot at 12,574 and daily, monthly, quarterly and annual risky levels at 12,935, 13,663, 13,774 and13,890. 

Courtesy of Thomson / Reuters

S&P 500 – (1335.1) YTD high – 1370.58 on Monday. My Weekly pivot is 1332.7 with daily, monthlyand quarterly risky levels at 1367.5, 1490.5 and 1500.4. The October 2007 high is 1576.06.

NASDAQ – (2815) Multi-year high – 2887.75 on Monday. My weekly value level is 2772 with daily,quarterly, monthly and annual risky levels at 2869, 3209, 3228 and 3243.

NASDAQ 100 (NDX) – (2375) Multi-year high – 2427.75 on Monday. My weekly value level is 2305with daily and annual risky levels at 2407 and 2590.

Dow Transports – (5454) All time high – 5565.78 on Monday. My annual value level is 5179 with aweekly pivot at 5516, and daily, monthly and annual risky levels at 5623, 6028 and 6131.

Russell 2000 – (829.24) All time high – 868.57 on Monday. My annual value level is 784.16 withweekly, daily and quarterly risky levels at 846.16, 850.90, and 949.02.

The SOX  – (440.35) My weekly value level is 414.19 with daily and quarterly risky levels at 446.17 and498.75. The SOX is well below its July 2007 high at 549.39. 

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Richard Suttmeier Speaking Event – The Executive Forum at the National Arts Club in NYC

I will be discussing why “The Great Credit Crunch” continues. The event is on Tuesday, May 17th at

The National Arts Club, 15 Gramercy Park South (E. 20

th

St.) Cocktails 5:45 PM, Dinner 6:30 PM,Presentation 7:30 PM. Use this link to register - http://www.execforumnyu.org/events.html 

Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slowstochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0is overbought and below 2.0 is oversold.

That’s today’s Four in Four. Have a great day.

Richard SuttmeierChief Market StrategistValuEngine.com(800) 381-5576

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As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.comI have daily, weekly, monthly, and quarterly newsletters available that track a variety of equity and other data parameters awell as my most up-to-date analysis of world markets. My newest products include a weekly ETF newsletter as well as the

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“I Hold No Positions in the Stocks I Cover.”