8 July 2012 (Gold Versus Nasdaq Update, US Energy Consumption Update)

 Although it doesn't fit my bias, oil does look like its previous bubble decline.  Gold and silver continue to consolidate gains at elevated levels.

Crude's long term trendline remains intact.

 The warm winter kept this pretty suppressed through March.  Anxious to see what the ridiculously hot summer does.

 Natural gas consumption looks to be steadily rising with the increased production.

 Definitely increasing activity in the GTL realm.

Petrol consumption is steadily declining since 2005.

Some of the medium term time frames remain overbought.  The composite indicator (at the bottom) shows a significant divergence in strength from its previous high values.  Its upward trendline (not drawn) is also in danger of being broken.


"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."
H.L. Mencken