Dollar was up and gold down today but the mining stocks had a good bounce in the morning. With the dollar higher today I am not as bullish as I was the last few trading sessions. I’m more neutral on my micro view heading into the holiday with a leaning down in miners if we get the markets to move lower, especially after the holidays.
We are on our 7th day in a row of 100 point market moves, most of them higher. When we get a 500 point down day, that will be the sign to give us a trend lower and be long any ETF that is short the market. This will give us some good 30% and higher returns. It’s coming. We may not get 500 but think about one more thing….we had a 1000 point down day this year because of China.
Durable goods data not so good. Home data last 2 days not so good. Consumer sentiment only tells me consumers last to know what the heck is going on.
Oil was also a reason for the markets to stay higher of late and today especially with the draw down in storage. A market that trades on oil now is not a market I want to be long as I see lower oil prices still ahead.
The 10 year saw rates tick higher today but don’t think that lasts.
Volatility low and markets higher at present is not good for gold either.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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