A quick multi-day pullback is coming, but higher prices are expected into the first few days of July.
The next month of this rally will be tedious with just a few days providing most of the upside. We have not been active early in this week as we await the Fed statement on Wednesday 2pm, est. We are looking for long term interest guidance from the Fed which will help the metals trade and stock markets continue to rally.
The big state economies: TX, NY, NJ, CT, RI, CA and IL will all be reopened in the next 2 weeks. Expect a big move from BLMN as this occurs.
The miners had a green day today gaining some ground. We may get a false fake-out move in the metals tomorrow after the Fed statement so be patient.
UNG is close to triggering a buy signal for us. This will be an excellent trade into July.
We are also monitoring the junior silver miners on weakness for a good entry.
We expect the President to help the economy by issuing another round of stimulus soon. Pumping liquidity into the financial system helps the stock market rally, but the problem is most people do not own stocks. Trump is first and foremost a businessman, and to rebuild a healthy economy the USA needs its GDP and main-street economy up into the election if he wants to stay in office.
Pumping the stock market higher does not directly help a majority of the country. The next round of stimulus will be fuel for the market's next push to new levels in early July. A healthy correction should follow and finish right before Labor Day, so the President can have a nice rally into his November election.
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