More StockCharts WMT Gallery Chart #2 Errors And The Gold COT Data
StockCharts WMT Gallery Chart #2 is wrong (http://stockcharts.com/charts/gallery.html?wmt), since it shows the October 2006 cycle high to be 51.47, when in fact it's 52.15, see http://finance.yahoo.com/q/ta?s=wmt&t=1y&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. ASK Research also shows the October 2006 cycle high to be 52+.
There are more errors listed below, but, in the case of the Wave 4 intermediate term cycle low (occurred in in December 2006) discussed below, Yahoo and ASK Research differ. The bottom line is that WMT's Wave 5 intermediate term upcycle since December 2006 should exceed the Wave 3 cycle high that occurred at 52.15 in October 2006. Wave 5 of Wave 5 may have begun with Friday's potential monthly cycle low at 45.73.
In September 2005 WMT hit a Cyclical Bear Market cycle low at 42.31 (StockCharts Gallery Chart 2 said 41.18, see http://stockcharts.com/charts/gallery.html?wmt). A Wave 1 intermediate term cycle high occurred at 50.87 (StockCharts Gallery Chart 2 said 49.51, see http://stockcharts.com/charts/gallery.html?wmt) in November 2005. A Wave 2 intermediate term cycle low occurred at 42.31 (perfect double bottom with September 2005 cycle low, StockCharts Gallery Chart 2 said 41.60, see http://stockcharts.com/charts/gallery.html?wmt) in July 2006. A Wave 3 intermediate term cycle high occurred at 52.15 (StockCharts Gallery Chart 2 said 51.47, see http://stockcharts.com/charts/gallery.html?wmt) in October 2006. A Wave 4 intermediate term cycle low occurred at 45.54 in December 2006 according to Yahoo, whereas ASK Research shows it being below 45 (StockCharts Gallery Chart 2 said 44.38, see http://stockcharts.com/charts/gallery.html?wmt) in December 2006. I used Yahoo's historical data (http://finance.yahoo.com/q/hp?s=WMT&a=10&b=30&c=2006&d=00&e=1&f=2007&g=d), and, it seemed to jive with ASK Research's WMT chart with the one exception.
The latest gold COT data is a major eye opener, see the last data at http://www.cftc.gov/dea/options/deacmxsof.htm, because it reveals that the savvy non contrarian gold Commercial Traders nailed the recent gold weakness in a very big way, adding 38,744 short gold futures and options contracts in the 5 day period ending 7-24-07, and, they also liquidated 16,144 long futures and options contracts, while the clueless gold Speculators, including some "legendary" (try not to laugh) gold writers, got massacred last week, adding 41,396 long gold futures and options contracts in the 5 day period ending 7-24-07, and, they also covered 7301 short gold futures and options contracts.
The fact that the savvy non contrarian gold Commercial Traders have been going massively short in recent weeks, with the latest weekly data being probably the most bearish COT data I've seen in a few years, is obviously a major negative.
Gold's final Wave 5 spike move of the Wave 1 Cyclical Bull Market from April 2001 until May 2006 occurred in about two years time, during which gold nearly doubled (so much for gold suppression). The 5+ year Wave 1 Cyclical Bull Market peaked at $730ish in May 2006. Gold fell from $730 in May 2006 to $542 in June 2006, which was Wave A down of the Wave 2 Cyclical Bear Market. Does anyone in their right mind honestly think that the huge two year Wave 5 spike, in which gold nearly doubled, would be fully corrected in about one month's time??? Of course, some of the gold writers obviously aren't in their right minds.
Some of the gold writers are so clueless that they harp about gold being suppressed by some "cartel," despite the fact that gold averaged 30-35%/year for OVER FIVE YEARS in the Wave 1 Cyclical Bull Market from April 2001 until May 2006. 30-35% is a great year, so, to do that for FIVE STRAIGHT YEARS is an amazing performance that gold bugs should be proud of. ....... http://www.JoeFRocks.com/ .
There are more errors listed below, but, in the case of the Wave 4 intermediate term cycle low (occurred in in December 2006) discussed below, Yahoo and ASK Research differ. The bottom line is that WMT's Wave 5 intermediate term upcycle since December 2006 should exceed the Wave 3 cycle high that occurred at 52.15 in October 2006. Wave 5 of Wave 5 may have begun with Friday's potential monthly cycle low at 45.73.
In September 2005 WMT hit a Cyclical Bear Market cycle low at 42.31 (StockCharts Gallery Chart 2 said 41.18, see http://stockcharts.com/charts/gallery.html?wmt). A Wave 1 intermediate term cycle high occurred at 50.87 (StockCharts Gallery Chart 2 said 49.51, see http://stockcharts.com/charts/gallery.html?wmt) in November 2005. A Wave 2 intermediate term cycle low occurred at 42.31 (perfect double bottom with September 2005 cycle low, StockCharts Gallery Chart 2 said 41.60, see http://stockcharts.com/charts/gallery.html?wmt) in July 2006. A Wave 3 intermediate term cycle high occurred at 52.15 (StockCharts Gallery Chart 2 said 51.47, see http://stockcharts.com/charts/gallery.html?wmt) in October 2006. A Wave 4 intermediate term cycle low occurred at 45.54 in December 2006 according to Yahoo, whereas ASK Research shows it being below 45 (StockCharts Gallery Chart 2 said 44.38, see http://stockcharts.com/charts/gallery.html?wmt) in December 2006. I used Yahoo's historical data (http://finance.yahoo.com/q/hp?s=WMT&a=10&b=30&c=2006&d=00&e=1&f=2007&g=d), and, it seemed to jive with ASK Research's WMT chart with the one exception.
The latest gold COT data is a major eye opener, see the last data at http://www.cftc.gov/dea/options/deacmxsof.htm, because it reveals that the savvy non contrarian gold Commercial Traders nailed the recent gold weakness in a very big way, adding 38,744 short gold futures and options contracts in the 5 day period ending 7-24-07, and, they also liquidated 16,144 long futures and options contracts, while the clueless gold Speculators, including some "legendary" (try not to laugh) gold writers, got massacred last week, adding 41,396 long gold futures and options contracts in the 5 day period ending 7-24-07, and, they also covered 7301 short gold futures and options contracts.
The fact that the savvy non contrarian gold Commercial Traders have been going massively short in recent weeks, with the latest weekly data being probably the most bearish COT data I've seen in a few years, is obviously a major negative.
Gold's final Wave 5 spike move of the Wave 1 Cyclical Bull Market from April 2001 until May 2006 occurred in about two years time, during which gold nearly doubled (so much for gold suppression). The 5+ year Wave 1 Cyclical Bull Market peaked at $730ish in May 2006. Gold fell from $730 in May 2006 to $542 in June 2006, which was Wave A down of the Wave 2 Cyclical Bear Market. Does anyone in their right mind honestly think that the huge two year Wave 5 spike, in which gold nearly doubled, would be fully corrected in about one month's time??? Of course, some of the gold writers obviously aren't in their right minds.
Some of the gold writers are so clueless that they harp about gold being suppressed by some "cartel," despite the fact that gold averaged 30-35%/year for OVER FIVE YEARS in the Wave 1 Cyclical Bull Market from April 2001 until May 2006. 30-35% is a great year, so, to do that for FIVE STRAIGHT YEARS is an amazing performance that gold bugs should be proud of. ....... http://www.JoeFRocks.com/ .
posted by Joe Ferrazzano at
10:02 PM
