We will know over the next 2 days whether the metals complex will reverse and drop into an early August low. In our other scenario, our July 16th turn date could invert and metals accelerate into the FOMC meeting, and a mini crash event is seen into early August. We favor scenario #1. Our staff will diligently watch the metals in overnight trading to garner an edge for the coming trading days ahead.
DUST is starting to confirm our AI outlook and has given us a 4 hour buy signal on the technical chart. Markets talk through price. We booked a small profit in DUST yesterday, but may re-enter DUST the next 48hrs.
We are managing a small profit in our crude position and expect crude to accelerate into our July 20th short term top date.
There were a lot of crash calls back in June from acclaimed financial experts, understandably worrying many of our members. But as we forecast, higher prices were to be seen into the end of July/early August before a meaningful pullback would occur. SPX 3400+ is still our forecast by August 3rd.
BLMN breached our entry price today and many members added or started new positions sub $10 and are up nicely.
BLMN and DENN were two of the biggest winners on wall street today, leading the entire restaurant sector. We will know the next 48hrs if our advance has started into our late July / early August targets. We saw short covering today by large players in many restaurant stocks, a good sign.
We are enjoying a small profit but are optimistic of more to come soon from CLF. A close over $6 is positive but a close over $6.20 would send us to $7+ quickly.
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