We warned in early May the last two weeks of the month into June 2nd would be choppy and weak for most stocks. Only a handful of names are supporting the SPX and NDX. Most stocks have declined or gone into a sideways chop since our warning. Expect sideways movement into June 2nd when a broad rally should ensue into and past the June FOMC meeting. A dip, 2-3 trading days prior, of some sort should be expected into our June 2nd date. Buy the dip.
GDX,GDXJ,NUGT, and JNUG will all follow the XAU trajectory. We will be taking profit in our gold mining position in June.
Sentiment can stay embedded in over-bought conditions for some time during a major breakout and advance.
Junior miners are showing strength but may just poke their heads above multi-year resistance at $53 then retreat with the entire complex into late June.
We may re-enter Natural Gas this week.
Bitcoin peaked into our May 4th-8th time frame and is now headed lower into our buy zone. A rally into November is expected: $14,000 target.
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