Gold hit 90 and now getting a bit closer to the overbought area. Silver lagging at 86 but up nicely this morning.
Bitcoin down to 27
Volatility Index finally broke out a bit to 61. Still lagging.
S&P Index closer to a longer term buy at 11 with Nasdaq down to 15.
Look at the various currencies that make up the dollar as the Dollar hits oversold territory and caution warranted at 92.
Will this bring a bigger move to gold short term? Well, the dollar and gold have been going up together. Any dips in gold/silver, stating the obvious, should be welcomed and bought.
Natural gas starting to crack lower at 83 after hitting 90.
After that big move up in oil, the close in DSI stayed the same at 96 since most of it was given back. Oil up a bit today to 122. While I shorted with SCO yesterday and DRIP too,
it’s still a little tough to hold overnight with confidence during unknown events in Russia and Ukraine. But as others have pointed out, Cathy Wood calling for oil to $12 didn’t quite work out. A move from 124 Nov 2nd to 58 now is pretty devastating but I imagine a run coming soon for it. She doubled down on oil.
Wheat still in the sell area at 96. Soybean still falling after hitting 95 as an example.
Lumber falling and at 87 after hitting 92. Personally I think housing move is done. You get an idea of housing’s top first in the mega mansions. The Bel Air mansion known as “The One” once listed for $500 million and sold at auction for $126 million, less than half the asking price of $295 million. Only 5 bidders from the U.S. and New Zealand made offers. For those that like to dream,
- Features include five swimming pools, an in-house movie theater and bowling alley, 4,000 square-foot guest house, a beauty salon, and 21 bedrooms, 49 bathrooms, 30 car garage.
Maybe the ones who won out was the auction house who got 15 million on the sale. I think the next individuals in the bread line if they didn’t stock money away are real estate agents and loan brokers.
Another place to look for a real estate top is Florida.
House prices fall in Miami-Dade for the first time in months
https://www.miamiherald.com/news/business/real-estate-news/article258518653.html
CRB Index falling already from 95 to 90.
Nikkei close to single digits at 10 and a buy.
Barring nuclear war, we are close to reversals I think in many things based on historic DSI data. It’s never failed. And if we got to a nuclear war, it won’t matter, so take some chances, but own some precious metals. 🙂
