Musk Unveils Plans for $10 Billion Hyperloop Transportation System. The Entreprenuer who blew Detroit out the the water with hisTesla Electric Car and has become so cost efficient with his Rocketry that NASA uses his Company SpaceX to supply the Space Station.

The Billionaire creator of PayPal unveiled the details of his superfast transportation system, Hyperloop, that would be a solar-powered system between cities that could take passengers or cars — much like a ferry system- only much much faster. He describes the Hyperloop is described as a “cross between a Concorde and a railgun and an air hockey table” that will get people from NY to LA in 45 minutes traveling at 4000mph. 

Here is a written and a visual report of the plans for Hyperloop that he unveiled today August 12th:

http://www.foxnews.com/tech/2013/08/12/what-is-hyperloop-billionaire-elon-musk/

http://www.youtube.com/watch?v=vcHSHQ5x2f4

Market close to confirming new correction

The S&P 500 has been on a tear since late 2012 with the S&P 500 bottoming at 1266. But the rally we have been charting is part of a “Primary wave 3″ uptrend for this bull market cycle from March 2009, and we are likely entering a Major correction or what we would label “Major wave 4″. Since the 1266 lows, we have had Major Wave 1, 2, and now 3 completed at 1710. We are entering Major wave 4 which should correct 23-38% of the entirety of Major wave 3, which was 444 points.

This correction will be confirmed with any close below 1674 and nails in the coffin begin with any close below 1685 on the SP 500 index. Primary wave 1 of this super bull cycle ended at 1370, a 704 point rally. Primary wave 3 will likely be larger than Primary wave 1 and I am projecting a top between 1900-2000 on the SP 500 before it’s completed. The current correction is Major wave 4 of Primary wave 3, which has 5 Major waves required. With that said, our projections are for 1605 on the shallow side and 1540 on the deeper side for Major wave 4 of Primary wave 3.

Now it is possible that we may extend a bit higher yet in Major wave 3 to 1736-1772, but only if we hold the 1685 support lines which the market is basing around currently. In any event, at our Trading service we have been aggressively taking profits in the past two weeks on multiple positions while still holding a few open at this time.

Above is a chart showing our projected correction pivots of 1605 and 1540.

In our past few comments we highlighted some gold stocks that appeared to be forming major long term bottoms. Today we want to highlight a silver stock called Pan American Silver (PAA.TO).

The 18-year chart above provides some perspective on the recent 2.5 year bear market in the shares from a high of $40.77 in late 2010 to the recent low of $10.73 in June. The shares found major support $0.03 below the 2008 low of $10.76! 

The June low is significant due to the spike in volume as the last of the sellers have now liquidated their positions while the new shareholders have accumulated enough stock to shift the supply/demand balance in favor of the buyers.

While not easy to see on the monthly chart, the daily chart indicartes a breakout today with the shares closing at $13.99 which is the highest level the shares have traded at since April this year.

We see a great long-term buying opportunity unfolding in one of the world’s quality silver producers!

www.ofip.ca

 The information contained in this report was obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views expressed are those of the author and not necessarily those of Raymond James Ltd.