I am writing on a car ride to Cincinnati this weekend so if the charts are mobilized that is the reason.
This market is relentless to the upside. I have an open mind and I am trying to navigate my way around what is going on.
I have made some good calls this year, and some not so good calls. I think it is safe to say I have been wrong about the US direction (S&P and Nasdaq) for the time being. That is going to be the first couple charts I look at.
The other brighter spots are Metals, Emerging Markets, Agriculture, down Dollar and long Euro. So although the market continues to go against me for now I think that comes to an end soon. I am watching the leaders very intently.
Let’s dive in.
This is incredible. After being bullish preelection and turning Bearish in December I did not think we would come this high. This is 4 out of 6 weeks outside the upper BB. I understand how STRONG this looks. And if I was long term this is what you want to see. I would be selling what I have (which is did a couple weeks ago) because this chart is getting a reset soon. I am not sure the catalyst but everyone believes the Trump Train only goes uphill. Soon they will be brought back to reality. A test of the 20 week at 5000 is very likely and the turn down will start soon.
This is one of the most impressive charts. What matters here and now matters. Does Gold V shape rally back through the pre election levels or does it stop. I aid the bounce was going to be vicious and I was right saying buy gold at 1130-1150 and GDX at 18.88. This is important here. And since I am on the side of down Dollar…I believe this will continue.
BOOM! Going higher. This led everything off the 34 lows and will bring the dollar to its knees. (Nailed this bottom too)
One of my favorite calls of 2017 just took off! Agriculture will be hot. WEAT and CORN were in my trades of the week. Sign up for free.
See ya next week…hopefully NDX will crash 🙂