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Newmont Mining Looks Poised to Close Two Open Gaps

February 8, 2022

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12:18 am

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24 comments

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Economics

Newmont Corporation chart courtesy of StockCharts.Com, annotations by Mish

Newmont Mining is a large gold mining corporation on the New York Stock Exchange.

It is considered a “major”, the other classifications being “junior” and “explorer.

Gaps Fill

Technically speaking, I am a firm believer that almost all gaps fill.

Gaps occur as a hole in a chart when a stock opens below the low of the previous day or higher than the high of the previous day and then stays there.

I highlighted 7 gaps in a daily chart of Newmont that have now filled. Two others haven’t.

I expect both of those open gaps to fill sooner rather than later given the current trend in gold.

Facebook Gaps

Facebook chart courtesy of StockCharts.Com, Annotations by Mish

Meta Platforms (FB), formerly Facebook has a pair of open gaps, one of them is a recent monster.

I expect that will prove to be a “breakaway gap” that will not fill ever. The immediate downside target is the gap between 190 and 200.

Facebook Gap at 30

Just for grins I went looking for earlier Facebook gaps. There is a breakaway gap in 2013 to consider.

It would not surprise me in the least if that fills. Some gaps take much longer to fill that others.

Anyone looking to buy Facebook in late 2013 waiting for that gap to fill was never successful.

They may get their chance.

$FB $META is dead. pic.twitter.com/jKh4IT0HEf

— The Market Dog (@TheMarketDog) February 7, 2022

Facebook’s 25% One-Day Crash Shows Competition in Big Tech is Alive

Facebook is down 25% on a huge revenue miss. A change by Apple caused this.

For more on the fundamentals and technicals of Facebook, please see Facebook’s 25% One-Day Crash Shows Competition in Big Tech is Alive

Also see FAANG Roulette Continues With Huge Swings in the Price of Amazon

Fed-Inspired Bubble

Most people have no idea just how huge this Fed-inspired bubble is.

The upcoming decline will shock even some bears.

I will post more on this theme in future posts.

This post originated at MishTalk.Com.

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24 Comments

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StukiMoi

4 years ago

The Musk constellation falling down, is no doubt an ominous pattern, per the star watchers over at the Fed Welfare Recipient’s Club….

Billy

4 years ago

I prefer bikini bridges to gaps but they are harder to come across. Wait, what are we talking about?

FromBrussels

4 years ago

the most undervalued gold miner is russian Polymetal, quoting in £ on the LSE…..but then your senile american warmonging club is likely to impose sanctions on it…. that ‘s why it is so cheap these days …. However, Bitcoin, Tesla, Amazon etc at INSANE inflated prices is a casino game too, so do BUY Polymetal , dividend is impressive too !

Nasty Edwin

4 years ago

All this debt and financial engineering has borrowed prosperity from the future, which eventually has to be paid back.

Dr_Novaxx

4 years ago

Reply to Nasty Edwin

Bummer man delivers! Did you have to remind us?

alovicious

4 years ago

Mish’s assertion that “Facebook’s 25 percent one day crash shows that Big Tech competition is alive” – is not really appropriate.

Yes, Facebook and Apple are vying for “ultimate control” – but remember that Apple’s action hamstrung Facebook in a market that Apple does not really compete in, itself. It is more of a “anything that weakens my enemy is good” action.

alovicious

4 years ago

Meta (Facebook) could be facing a radically-different future

It’s been as successful at making powerful enemies as the USA, itself.

a) Apple

b) The *entirety* of the EU

c) US regulators (though the actual power they wield is somewhat speculative)

d) Russia

e) China

To say nothing of its obvious loss of share to TikTok and the fact that the Metaverse seems to be an idea that will fly as well as a concrete airplane.

But here is what some are missing…

Could Meta pivot to become a designer and implementer of social-credit systems? I think this is viable and would find no shortage of customers in the public and private spheres…

alovicious

4 years ago

I like Newmont but keep in mind…

Some of its holdings are in places like Ghana, Peru, and Argentina…which are gradually (and not-so-gradually) being pulled into the Sino-Russian sphere. In other words, a time could come (perhaps not-too-distantly) where these mines are expropriated. With global inflation rising – and the increased ability of these countries to successfully-resist reprisals from the USA – this is an increasing risk that should not be ignored.

Just saying…

Jackula

4 years ago

Reply to alovicious

Spot on. Recently read a discussion with a CEO of a large mining company getting out of most international holdings due to political risk. Its not just the Sino-Russian spere, many of them are waking up to the fact there is far more to be made developing these resources on their own.

RonJ

4 years ago

Peloton went from heero to zeero. In what seemed like 60 seconds. How fast, things can change.

With Zuckerbucks meddling in our elections, FB can’t fill that gap at 30, fast enough.

KidHorn

4 years ago

Reply to RonJ

People figured out Peloton makes exercise bikes with a screen attached to it. Something most can piece together easily for a fraction of the cost.

At some point people will figure out Tesla sells cars.

shamrock

4 years ago

Reply to KidHorn

And they charge $40/month to watch a streaming video of a spinning class, when Planet Fitness charges $20/month and includes tons of equipment and live spinning classes. I never understood paying $40/month to Peloton, unless maybe you live in the boonies.

KidHorn

4 years ago

Reply to shamrock

I bought a $179 43″ UHD fire TV from amazon. I watch an episode of a sitcom streamed via Netflix when I ride. Currently watching Seinfeld season 4. Much better than watching someone on a bike yelling at me.

Dr_Novaxx

4 years ago

Reply to KidHorn

Yeah, Tesla cars with big batteries that burn out, or just burn.

shamrock

4 years ago

Facebook to trade at a p/e of 2.5? Quite a call.

KidHorn

4 years ago

Reply to shamrock

I suspect he thinks e will go way down along the way.

Mish

4 years ago

Reply to KidHorn

30 was not a “call” I said I would not be surprised.

If you want a call, I expect FB to lose at least 65% from the top.

Doug78

4 years ago

As if Meta doesn’t have enough problems they are now announcing that they could stop Facebook and Instagram in the EU if they don’t get their way. They want to transfer data harvested in Europe to US servers and the EU says no. Threatening to cut off their second most profit center seems like not a winning strategy. The EU will not budge on this in my opinion and Facebook and other US digital giants have less power than they used to have.

https://www.express.co.uk/finance/city/1562630/facebook-instagram-europe-eu-news-mark-zuckerberg-meta

Felix_Mish

4 years ago

Ha, ha. It’s fun to see things. Like in “Facebook Gap at 30”, I see a down-up pair around 2013 and a down-up pair around 2018, so the pattern is clearly written in stone. Aaaaand we already have the down in 2022, so in a year, there will be an up to pair with the down. Can’t argue with numbers. They are right there for everyone to see.

Eddie_T

4 years ago

Blended P/OCF of just under 11. I bought it because gold is so manipulated….I know it should be higher, but until it does go higher owning a profitable gold mining company that pays a decent dividend (currently 3.61%) seems like a very good way to have exposure to gold with less risk than owning juniors or bullion. I wasn’t buying it for the gap fill. but now you’re making want to add more. 🙂

I like SBSW, BHP, and RIO for the same reason. Those three are true dividend kings, with exposure to multiple minerals too, not just gold.

Eddie_T

4 years ago

Reply to Eddie_T

On the flip side, I’m not sure if Mr. Todoruk has heard of this one but I have been watching it, and on the slight bump in pm’s today it moved up 37.5%. $CMB on the Canadian exchange and CMCXF on the OTC. A true penny stock, with a float of 102M shares. If one were going to buy a lottery ticket anyway? Just sayin’.

RonJ

4 years ago

Reply to Eddie_T

A true penny stock, with a float of 102M shares. If one were going to buy a lottery ticket anyway? Just sayin’.

Is Jason Bond pumping it? 🙂

Eddie_T

4 years ago

Reply to RonJ

Not AFAIK,.

Eddie_T

4 years ago

Reply to Eddie_T

If I wasn’t too cheap to pay for information, I’d use Sprott like Mish does.

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Newmont Mining Looks Poised to Close Two Open Gaps

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