The swings are hard to take in NUGT. Remain calm, the gold sector has so much potential. This uptrend has been frustrating, just 2-3 day moves then sideways or down. We will get a long breakout soon.
Dip buyers bought off the futures contracts rolling attacks which typically last 2 days. We closed above $1712 spot. A breakout over $1725 and its game on.
Let us first start with one big takeaway from your membership with HFZ: Do not short the US stock market with any regularity or you will blow your account up. We have watched countless peers short the market and lose millions. Fighting the Federal Reserve and knowing when the liquidity tap will be turned off is a tricky thing. When we give a short term outlooks do not attempt to use options on QQQ, SPY or DIA to try to time the market. Get rich slowly. The trend in the US markets is up into mid-June.
We broke out over $11.50 in BLMN today. Expect higher prices into Friday.
US auto sales today triggered a breakout of the steel sector. Its biggest client, the auto industry, is booming now due to the fact no one wants to use ride share with a potentially infected driver. We further expect the President to get some sort of infrastructure package for the US in the next 30 days. Steel stocks and concrete will benefit. Expect a test of the 200 DMA quickly on US steel.
Nothing new here. BTC looks lower into June.
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