1. vanbc

    Gary, Why GDX is so weak, is it a manipulation to attract lower price for next big leg up?

    1. Gary Post author

      I’ve been saying for weeks that the miners are too stretched above the 200 DMA to take off yet.

  2. s29

    Most banks only think the chances of UK leaving the EU are about 30-40%. They are not fully prepared yet for a Brexit. I would think that we should have a panic time for a week of one and a half week (new Spanish elections 26 June), and then make a final low in the Euro and stock market. After that a V-shaped recovery, because the Brexit is total ludacris and actually good for the UK because the UK will still be in the WTO and trade with whoever they want and then make their own policies which will make the UK way more attractive then mainland Europe.

    I disagree with Gary we will directly get a rally in the Euro and equities, only after a short panic phase, just like the 9/11 sell off, and then a bounce.

  3. s29

    And Gary seems to think that Brexit is just a “sell the news”-event. It could be, but I don’t think that Brexit is a “sell the news”-event, because of the still low expetations of a Brexit. It’s more, “Bloodbath-phase, then buy when there’s blood on the streets”-event.

  4. vand

    Hmm. OK, the S&P is looking not too bad, but Nikkei, FTSE and a few others are getting crushed with the summer doldrums just around the corner. I maintain that US markets will likely follow everything else down rather than the opposite happening.

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