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This remains a dreadfully drama-free market. As I type this, the ES is down all of 8 hundreths of a single percentage point. Whoop de freaking do.
One bit of obsession for me remains the Dow Utilities, on which I have an obscene number of January 2019 puts. Today, for the first time in months, we’re causing a tiny bit of damage to the ascending trendline. Nothing definitive, but it certainly helps.
As I mentioned two days ago, the emerging markets was reaching an important supporting trendline. It nailed it pretty much to the pixel and is going through an oh-so-predictable bounce. The year’s action on EEM has been comically consistent.
The DUST saucer has been roaring higher, and its little brother JDST looks ready to do the same. It seems hard to believe, considering how trashed gold miners have been for seven years, but………..a saucer is a saucer:
As the so-called “precious” metals market approaches its EIGHTH YEAR OF A BEAR MARKET (I could just weep – – why can’t stocks enjoy such wholesale destruction?!?!?!?), the triple-bearish-on-miners instrument I pointed out repeatedly last week has got its booster rockets on and is roaring higher. I suspect gold, silver, and miners will simply continue to soil themselves.
Gold, silver, and precious metals miners have been bouncing lately (I suggested going long miners on the 16th to my PLUS subscribers, which I’m glad to say was the exact bottom). I still think they have room to run, but for the more nervous folks out there, I wanted to point out that an important price gap is quite close. In addition, as the gold sector chart shows below, the moving averages have entered into full-blown collapse mode.
