More upside left in stocks as sentiment is not at an extreme level yet.
We will keep our outlook simple for the stock market. All the different indexes should rise into the end of the 2nd quarter, June 29th, from the Dow to Spx, Nasdaq, Russell (small caps) and Dow transports. We are looking for a top in late June or first few days of July with a double top or slightly lower high forming in mid-July. We should then get a serious correction into late August/September. Many things affect capital flows into the stock market so we may tweak this forecast slightly in the weeks ahead. We will utilize this bullish period to take profits in long-term positions.
BLMN has plenty of upside left into the end of June and early July. This is the time to manage anxiety to sell and take profits too quickly. Let the trade continue to work.
Sentiment has cooled off - a good sign for a new advance to begin.
The miner's at the end of the day follow Gold. They can deviate slightly for a few days but their destiny is ultimately linked.
Same sentiment cooling with GDX has occurred.
One more quick spike down may or may not occur early this week. We are close for a UNG move.
We plan to alert new trades this week. Make sure you are signed up for the HFZ alerts in the Gold portal.
A note about our charts and why we use Stock Charts for our briefings: We have proprietary charting software that we post at times in our briefings and use daily. However, most of our members interact with our site through a mobile device and the overwhelming feedback from members is that these are easiest to read and interpret on a mobile device. We are always happy to hear your preferences and recommendations.
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