Rick Ackerman

GDXJ's ascent over the last month left quite a mess on the hourly chart, but it all fits so nicely within the 13-point channel shown that we can probably rely on it for predicting important turns both above and below.  An ambitious target at 135.90 has served as a bullish lodestone for quite a while, and even though I am growing increasingly skeptical that it will be reached any time soon, meaning with the sensationally steep slope of the last six months, I'm ready to set my skepticism aside if this vehicle vaults the trendline and holds above it for at least two days.

Bitcoin tallied enough votes to remain on the list, but that doesn't mean it will get any respect just for being here.  This week's chart avoids visualizing an ABCD pattern that would probably prove too conventional for a rabid badger like this one. Instead, I have extrapolated an imagined head-and-shoulders that follows from the suggestive homunculus traced out so far.  If it materializes as imagined, we should see a potentially important top near 113,000 in April. And what a tedious slog that would be --unsatisfying for bulls and bears alike, since the former have long expected Bitcoin to use $100,000 as a launching pad for a moon shot to $200k or higher, while the latter, regardless of how high the king of cryptos goes, will never be convinced it is good money.

The Dow is poised to hit 50,000 this week, a milestone that would have seemed surreal when the blue chip average, plagued by covid, was bottoming near 18,000 six years ago. Although there can be little doubt that Trump helped kick stocks into high gear, one could argue that a powerfully bullish economic cycle made the man rather than the other way around.  Stated another way, the stock market's spectacular rally reflects a cyclical mood-change across America that made Trump's election not merely possible, but inevitable. Would shares be at these heights with Kamala Harris in the White House?  It seems implausible, since she could never have matched Trump's ambitious agenda. This is not to suggest that all or even most of his initiatives will succeed. In fact, some of the most important ones could lay an egg. Tariffs, for instance. They amount to little more than a new tax on global trade, with consequences that have yet to produce a clear result, let alone a positive one.  His promise to make life more affordable for most Americans could also be a non-starter for reasons explained here a couple of weeks ago. And his plan to revitalize Venezuela's oil production has already been labeled 'uninvestible' by the CEO of ExxonMobil. As for the reshoring of manufacturing. no one is talking about how revived and new factories would have to be practically worker-less to compete with heavily robotized plants in South Korea, China, Japan and elsewhere. What Jobs? And what about Trump's plan to radically reorganize the mortgage market so that young people can buy houses?  Although this sounds appealing, what will be the source of their income? The job market is changing so rapidly, especially with AI increasingly replacing more white-collar workers, that even seasoned recruiters can no longer predict

The futures were on a tortuous path down to the 6833.25 target shown, a Hidden Pivot 'D' target where you can try bottom-fishing with a 'camo' (i.e., short- interval) trigger using a reverse pattern (rABC).  The bounces along the way grew increasingly gratuitous and violent as the week drew to a close, but none went quite high enough to trigger a mechanical short.  (The only trade indicated so far was a 'conventional' short at the green line.)  That's why if the trade fills, you should take profits on at least half of your position on a one-level gain to p2 (6873.44).

Microsoft has been screwing the pooch for nearly five weeks, but Friday's close made the hourly chart look a little more menacing. There was a very slight, gratuitous breach of a mid-December low that had marked the bottom of MSFT's tedious range, and we might have expected the snap-back rally to have achieved more loft with fewer bulls on board to weigh it down. If they don't come galloping back in soon, though, look for more sinkage to at least 460.58, the pattern's seoncdary Hidden Pivot.  Worst case for the next 10-12 days is 448.77, the 'D' target.

The pattern we've been using to trade and forecast the February contract is unorthodox, but all three coordinates -- A, B and C -- should be considered 'locked' because there are no alternatives. That implies that if and when the pullback from December 26's record 4584.00 touches the rgeen line, it would trigger a 'mechanical' buy. The opportunity rates a juicy '8' on a 1-10 scale, even  if there can be no guarantees the rally will achieve D=5132.20.  The trade would be good for at least a one-level ride, however, from x to p2. It should only be attempted by Pivoteers who are familiar with 'camo' triggers, since the initial risk, based on a stop-loss below 'C'=3933.20, would be $30,000 (!) per contract.

A big reverse pattern going back two weeks shows a key resistance at 75.510 if the futures should rallly from the hole they've dug themselves since topping at 82.67 on December 28.  The 'D' target associated with that midpoint Hidden Pivot lies at 81.795, which would fall just shy for the old record. More immediately, however, a smaller, bearish pattern targetd on 70.810 must run its course before bulls are likely to find traction.  If they don't and the March contract slips below 69.255, that could put it into a dive to as low as 65.40 over the near term. Look for a tradeable bounce there if the 'hidden support' is hit.

We've been using an ambitious rally target at 135.90 for a while, but the pattern shown looks so heavy that it's time to focus on corrective patterns on the lesser charts. This will give us a more finely nuanced 'read' on trend strength, and perhaps even telegraph an exuberant leap into the bearish gap that occurred when the markets opened on Monday after Christmas. The immediate target is a 'd' Hidden Pivot at 115.12, and it would need to be penetrated easily and decisively to suggest a very-bullish 'island-gap reversal' in the making, Alternatively, if the rally fails, brace for backsliding to around 108, where GDXJ consolidated in early December for its powerful run-up to the 122 peak recorded on December 26.

The speculative frenzy in silver has provided welcome relief from AI claptrap, but will it last?  There are a hundred theories about why silver has come exuberantly to life after lagging gold for so long.   I've been puzzled myself, since my technical runes suggest that gold futures could make an important top at $5132, about $800 above Friday's settlement price.  Silver would likely peak at the same time, unless the squeeze on physical supply were to pick up enough climactic energy to cause an historical readjustment in the gold:silver ratio. The Founders thought 15:1 was the correct peg, implying silver could be trading for $342 with gold at $5132. That sounds farfetched, but stranger things have happened in the financial world, especially in markets caught in short squeezes. What is most peculiar about the current run on silver is that it probably couldn't have occurred without Trump's blessings.  He has said he wants a much higher gold price in order to monetize America's few remaining, unhocked assets (including residential real estate). Letting silver off the leash would make almost everyone feel at least a little richer.  The problem is, some of Trump's most powerful buddies in the banking business are short silver up the wazoo.  Citi and B of A alone reportedly have loaned out at interest $4.5 billion of silver they do not possess, exposing themelves to potentially catastrophic losses if AG quotes should soar anew. Trump's Fortunes And what if gold goes no higher than $5132?  A corresponding top in silver followed by a steep slide in both could cap Trump's fortunes. It would certainly destroy the comforting illusion that financial markets are under control.  Of course, crazy ideas like that can only persist in bull markets.  If stock averages were to sell off by 30%-40%, which they