Two more indexes confirm (S&P 500 and Russell) that the 7 year cycle decline is finished.
Ignore the analysts now calling for a double top. This is a new 7 year cycle. There is no way this will top in less than 2 1/2 years.
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OIL has to go above $43.75,
Tooo many folks getting excited
Banking Index Resistance level hasnt hit RES. 68.25-68.50 needs to be break thru with Volume for more that 2-3 days as per rules….
Chkout last July….
putcall ratio, ended matchin low of year, lowest since AUG 2015…. Then stocks came down semi hard….. Something to note and be aware of via next few weeks
The ROBO ratio is still showing excessive pessimism by retail traders. Not even neutral, You would think sentiment would at least be neutral after the kind of rally we’ve had. But no, sentiment is still extremely pessimistic. No way this intermediate cycle tops until that swings 180 degrees in the other direction.
Too many traders still remembering 09, and expecting a repeat.
Like I have said before, Spx upper limit since decades and decades back in time is 2140ish. If a weekly close above I would be shocked.
I’m going to guarantee that over the next 2-3 years we are going to go so far above 2140 that it will make your head spin.
Nope it won’t I do not trade Spx only precious metals. I agree we are in for a correction sooner or a little bit later.
May be. Nothing goes up straight. There will be pull backs over a 2 1/2 year period. BP indicators, A/D indicators are a mixed bag. But, price is king, wants to go up. How long? No idea. Just watch UVXY, down, down; market, up,up. Just stay with the trend. PM sector still in strong up trend. AGQ joining the party. May could be a critical month.
Last true confirmation is all equity indexes make ATH
Pretty solid rejection here on GDX
3 months ago:
Everyone knew the dollar was going to 110-120.
Everyone knew gold was going below $1000.
Everyone knew that oil was going into the teens.
Everyone knew the stock market was starting a bear market.
My how the times change.
As far as I know I’m the only one who disagreed with every one of these assumptions.
You nailed it Gary, my only regret was selling EXK a bit too early, ill add core longs when time allows way to risky to chase at this point as you know.
Seeing some bearish RSI divergence in GDX l, calling $17 in MAY looks like a good possibility, and at that point…LOAD UP! I certainly will be.
Fixed my arrow I was in a rush lol
Bill- go ove to 321gold and read Hubbartts GDX chart from last Friday… AND his SIL…
He is wrong on many occasions besides this chart is better
DJIA: This thing is going to 18,500 in short(no pun intended) order Baby!
Hooray for Gary’s TIMELY clarion call “Did PPT Just save the stock market” only a month or so ago…Kudos.
Miners are rolling over big time here…
Holy crap, I am glad I sold my DUST at 4.20 a couple of months ago. Even if I am tempted I am not going to trade leveraged etf’s anymore.
Moved out of my Yukon miners yesterday, waiting for a correction.
MArtin Armstrong:>>> Gold continues to consolidate but the key trading range remains 1266 to 1202. We need a closing outside of this range to imply the next move. We have some turning points coming in by next week and May/June remains a key target followed by August. In many cases, we need to exceed the March highs in April to raise any hope of a key rally. Nevertheless, the markets appear to be pressing everything as far as they can go without actually breaking out or breaking down.
Stock market is art, not science. Dollar up not necessarily meaning gold would be down for sure.
There are no scientific equations applying to stock market. It is simply a equity supply and demand relationship.
But we have to admit Gary has a very good sense of the market. He probably have more times being right than being wrong 🙂