Dear SoH, let me know if the Amigos shtick is getting old. I am completely into it, but realize I can have all the subtlety of a sledgehammer sometimes.
Amigo 1: Stock Market vs. Gold (more…)
Slope of Hope Blog Posts
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Precious Metals Breaking Down! 3 Amigos to Abort? 4 Horsemen to Ride?
I am not trying to be a wise guy with the first half of the title (it’s a goof on alarmist media), but if you were not bear biased or outright bearish on the gold sector’s daily and weekly technicals, and its macro and sector fundamentals by now all you have left are the alarmist headlines now telling us about H&S breakdowns, HUI/Gold ratio bearishness and whatever else is going on out there in media large and small to scare the lowly gold bug.
As noted in an NFTRH update last night…
It’s hard to feel bullish now and that is the point of markets. Sometimes you have to do what is hard. Let’s remember that we’d planned for the sector to bottom out in December or January all along and it is only dutifully working to that script. The time for caution was back when HUI topped out at 220, and extreme caution when it lost key support at 195-200. Now the sector is on a plunge that could be the final act of this correction. Either be thinking brave or be sidelines (or both, laying in wait).
A Favorable Morning for the 3 Amigos of the Macro
Long-term bond yields are rising this morning, and you will notice, the 2yr is rising more than the 30yr. So not only is this a boost for the ‘nominal yields rising’ Amigo, it is also a boost for the ‘yield curve flattening’ Amigo. The 3rd Amigo? Why, he is ‘stocks vs. gold’ and he is riding hard again this morning.
3 Global Markets That Could Indicate an Interim Correction
Here are a few global ETFs with little room to drop in order to avoid daily chart technical breakdowns. That does not mean the end of the larger up trends, but could signal oncoming intermediate corrections if they do fall further and close the week that way (pre-market is red). The question would be, are they leading the fiscally drunk US market and its chronic tweeter in chief/stock pumper?
The Euro hedged European iShares, like the Euro STOXX 50 which it mimics, is in a bear flag. The biggest volume days have been red as this flag has ground upward. Not a short-term bullish look for Europe. What it does have going for it is that the SMAs 50 & 200 are both sloping upward. Even a hit of the 200 is within the context of the up trend.
Updating the 3 Amigos of the Macro
Okay, so the theme is that on the macro 3 events may come together to signal a big climax, leading to change.
