America is reopening and our favorite restaurant stock is getting some love. We are making tremendous profit day by day.
Unless we get a compelling headline over night or early tomorrow AM, we will exit our X trade near the 200 DMA if all goes as planned. We will reload another steel name after a brief pause in trend.
Short term sentiment is oversold on gold. After Tuesday and Wednesday’s beat down we now have the fuel for a strong breakout. Any break of the 20-level reverses gold sharply as we saw in today's action. The only exception would be if we were in the time band for an intermediate decline like you saw in March. We have at least 3-4 more weeks before that occurs.
Same for GDX/NUGT.
Gold does not like to explode upward without the Swiss franc. It has now firmly planted its trend upward and is adding fuel to the fire for our test of $1800 gold soon. Note the large spike top in early March right when gold spiked pre-Covid.
Silver and the miners follow gold ultimately to varying degrees.
This is a spot for the Nasdaq to rest for a bit and go sideways possibly into the FOMC meeting next week, June 10th. A retreat the week of June 15th is possible but trend is clearly up and higher into early July. Do not attempt to short as surprises will be to the upside, not downside.
Capital is rotating with the Russell Small Caps and Dow Jones Transports starting to catch up to NDX, SPX and DOW.
We have a full moon June 5th. Per Tom McClellan, a well known hedge fund adviser, a full moon is notorious for reversing gold’s direction or violently accelerating it in the same direction.
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