Canada Nickel Company Inc V.CNC

CNC should turn up with the markets

[apapas1973]

I was of the opinion we would get this market correction around the FOMC around third week in January. I wonder if we complete it sooner and run up towards the FOMC pulling up stocks like CNC with it. The FOMC meeting will confirm the raising of rates which I think is baked into the dollar strength already, and this should be the excuse to sell the news in the dollar and allow it to continue down and further light a fire under all asset classes. Maybe this would be the catalyst for stocks like CNC to finally breakout above this frustrating consolidation. Right now we have no news but a strong nickel price. We need something else to light a fire.

[caramba71]

'Frustration consolidation' - I like that apapas.  My original guess a couple weeks ago was that we would go through a general market bottom around Jan 19 or 20.  However it will require some kind of catalyst.. (maybe some positive earnings). I don't see much wiggle-room in the $, I think some of the top-broker houses and banks in the US saw the $ at 1.26/7 ish by year end.

[apapas1973]

Support levels will only be broken Caramba, if the US dollar continues up. If this next run up in the dollar makes another high, something above 96.86 ish, then there would be some pain. If it falls short and continues down, which I think it will, then in theory all asset classes, more so commodities, should go up.

[caramba71]

I hope you are right apapas. And oil prices might help with that. We will see... markets are ready for another red day tomorrow (wed).

[caramba71]

@apapas : So we hit that first support level today by a few +- points.  So tomorrow will be interesting again, and if it slips further then - oh well... I don't like the candle pattern and imo it's not a good sign.  I'd like to see a reverse hammer, but when the day starts strong and ends so weak, it's a sign of a stronger sell-off continuing with another 'fake strong

[apapas1973]

Caramba... A break of 4510 ish on S&P might cause a small rapid flash crash. It's not impossible. FOMC starts next Tuesday. I think we bottom on or just before. So I think it's close. One thing is for certain. The FOMC WILL NOT allow the floor to continue to fall from the markets. The way to cure that is to slightly reverse their view on aggressive tightening. That's why I think

[caramba71]

Very interesting thoughts apapas - thanks....  With the current levels which are equivalent with mid October all-time highs, I still think we are a bit away from the FOMC being overly concerned yet, but I agree that they will try to take a softer approach to the tightening. As they are strong-armed by inflation, it's gonna be an interesting balancing act. The price jump in precious metal

[reddog11]

Its a bit dissapointing with NI up to $10.60. I think its a battle with general market conditions and NI price. No news also puts doubts into the weaker hands. Im holding with stops down around the 2.58 level. Would hate to see that and dont think we will. Good news is the volume is small and I find that a good sign when dropping or going down and higher when advancing. jmo RD