Harvey Organ 2-15-11

Harvey Organ 2-15-11

Open interest in silver skyrockets the raid on gold and silver fail again

 

Jack Daniels Explains The Budget Deficit

Submitted by Tyler Durden on 02/15/2011 17:07 -050

Still hungover from Saturday to comprehend what happened with the Great Obama Budget presented yesterday? Then this video is for you. Using shot glasses of Jack Daniels it takes just under two minutes to lay out in layman's terms not only the essence of the proposed budget, as well as the "Draconian" cuts contemplated, but also insinuates heavily about the level of blood in the alcoholstream of those government workers who came up with the "50% rise in government revenues over 2 years" assumption.

 

Jim’s Mailbox

Posted: Feb 15 2011     By: Jim Sinclair      Post Edited: February 15, 2011 at 5:37 pm
Filed under: Jim's Mailbox

Greetings Jim,
Gold closed moderately higher today, moving up to a new short-term high for the uptrend from late January. Technical indicators have strengthened further and are now moderately bullish overall on the daily chart, supporting the advance.

Technical indicators on the Gold Currency Index (GCI) daily chart are moderately bullish as well, confirming the underlying strength of the developing uptrend.

Today’s strong move higher signals that the latest Short-Term Cycle Low (STCL) likely occurred on February 11. If confirmed by follow-through during the next couple of sessions, the formation of the next STCL would be a very bullish development, as the completed cycle from late January would be right translated to an extreme degree, predicting a similar translation for the next cycle.

Looking ahead to the end of the week, a strong close on Friday would essentially confirm that the latest Intermediate-Term Cycle Low (ITCL) occurred in late January, forecasting 2 to 3 months of gains.

The bottoming scenario that we have been monitoring since mid January has unfolded almost exactly as anticipated. Now that a meaningful low is in place, we will need to see an eventual breakout to new all-time highs sometime during the next 4 to 6 weeks in order for the long-term uptrend to remain healthy.

Best,
CIGA Erik McCurdy
Prometheus Market Insight
http://www.prometheusmi.com