In my recent video I mentioned that I expect the metals to take the baton once stocks and energy found a short term or intermediate term top. Well it looks like they may be doing it a little early.
I have more in the morning report.
I’ve been beating the drum for months and months that everything would go up together. That has been the norm for most of the last 16 years. Now that the late night and premarket attacks on gold have stopped that trend is resuming.
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We hedged at the exact top, covered our hedges at the exact bottom, and started building a long position last week when gold formed the swing.
Granted there was some luck involved, but you just can’t trade it any better than that 🙂
I don’t think one needs to go all in today. The dollar still has to rally out of its DCL and that should trigger at least a modest pullback in the sector.
Only 20points away Gary, very exiting. Will S&P500 cut through 2140 like a hot knife through butter 🙂 my esoteric trendline will then fail big time !
I’ve placed my short bet: Bear X15 leverage … it could take a while for it to play out though. Late August, early September !? Who knows …
Every confirmation is now in place that the 7 YCL is complete. I don’t think it’s safe to fight the Fed’s printing press at this point.
Silver is skyrocketing today, intersting … +4% very rare imo.
I have a couple of silver plays in my portfolio.
Silver is where I want to start building a big position but with the hourly TSI at 96 I think one can wait a bit before jumping in with both feet. Plus the dollar still needs to rally out of its DCL and that may cause the metals to pullback a bit.
Hi Gary! I’m new here and have been reading for about a month. I think I have a good grasp on on what you are doing. You previously stated that miners and gold would be moving downward until mid June. Have PMs finished this leg down and are they reversing? I’m somewhat confused by your terminology in this post.
I’m not sure yet. the dollar hasn’t started to rally out of its daily cycle low yet. I need to see if the metals just pullback a bit when that happens or if it knocks them down into a deeper correction.
Oil may be ready to reverse that initial break out of the coil and move down into a DCL.
If so a little patience will pay off with a great buying oportunity in the next 5-10 days.
“Oil may be ready to reverse”
You mean when the dollar will start to move out of its DCL? oil at 51.50 now.
Nice strategy Gary. Are you now cutting back on stocks or waiting for the higher SPX at 2134/2140 to reduce?
I guess your June 6 video update on resistance levels answers my question unless you’ve decided to reduce equity exposure now and before testing or exceeding the all time highs.
I started taking some off the table this morning. We are getting close enough.
Gary, although miner is on new high, but Gold and Silver are not, If Gold is not break out 1304, we are not 100% sure new bull starting. Gold is also possible to form HEAD-SHOUDER pattern.
Gold has rallied above two previous intermediate cycle tops and generated a right translated intermediate cycle. I have all the confirmations I need to call the bear over.
Bear over means it will not break 1050?
I think there is almost no possibility of that happening. That middle of the night attacks have ended. The natural trend has resumed.
Gary,
So 1200 and GDX 21.94 as really the final bottom? This is insane I don’t want to get left behind again in the miners but cmon miners didn’t even retrace 38 fib and are still overbought. I might as well concentrate on oil, biotec or physical silver because buying miners that are already up 3-400% here is ridiculous
I like silver.
Yes I might buy and hold USLV even though it is leveraged. Better Price and reward than overbought miners