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What is the latest on gold?
It’s in the process of making a daily cycle low soon.
So are commodities bottoming? Or is that a stupid question?
I think they are bottoming at least temporarily and we’ll get a counter trend bounce for 4-6 weeks.
The major three year cycle low probably won’t come until later this year. That will be a firm bottom that should hold for a year or more.
Good stuff, Gary.
Either oil has actually put in bottom or not. That’s my analysis and I’m sticking with it! 😉
Manufacturing added 22,000 jobs in January. Construction payrolls increased 39,000 after rising 44,000 in December. Oil and gas extraction employment fell 1,900 last month, reflecting layoffs in the energy industry in response to lower oil prices.
Retail employment increased 45,900 after braking sharply in December. Government payrolls fell 10,000, while transportation employment dropped 8,600, the first decline since last February.
Temporary help slipped 4,100, the first drop in a year.
The average workweek was steady at 34.6 hours.
All lies. I’m not saying the bear has come and the “fake bull” is over. But the stock bull is certainly nearing maturity, and every govenment reported number is certainly a total fabrication. That’s not to say that I favor one party over the other, nor does it influence the trades I take. But it’s a fact.
Not sure which sector is booming after oil burst
Biotech has been driving the stock market for the last two years.