Look for more money to flood into stocks as those money managers who doubted the V-shape recovery in the market play catch up. The end of quarter is June 30th and capital should pour into the leader: Nasdaq.
We won’t try to get cute and trade every wiggle in BLMN. Price broke $15 today and sellers piled on to take profit. It will take news or a few more attempts at the $15 price level to break through to $17. We believe it will break through the 200 DMA on the first try like many sectors have already done. A multi-dollar explosion up can occur any day. With the airlines, cruise ships, and energy stocks having already rebounded it’s just a matter of time before restaurant stocks fly. Bloomin' is still 40% off of its February highs.
Gold regained the $1700 level today and should at a minimum attack the $1755 level again soon.
The FOMC meeting this week on Wednesday should provide some wild swings for the metals market. Three strong trading days and gold will be $1760 and GDX back at $37.50 with NUGT $80+.
We expect more Fed balance sheet expansion to come on Wednesday.
Silver, Natural Gas, Steel, Bitcoin and Oil are currently on our radar for various trades.
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