Big picture trends for investors
The overwhelming trends for investors currently has been USD up, long-term interest rates climbing, and a slight sell off in gold. Chris Temple and I discuss what is driving this trend and if investors can expect it to continue.
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I’ll admit to adding to few mining positions today (and JNUG at the very end of the day) on the huge sell down, playing for a bounce tomorrow. Yes, I will be a little disappointed if the PM miners sell off again tomorrow, but I’ll likely just add a little more if it ends up being as extreme as today’s action.
In the pre-markets, it looks like I’ll get punished on those mining positions, but we’ll see how the day pans out. If the miners waterfall down I may have to take the beating, but I’m curious as to whether we’ll have a reversal day. It would be odd to see 6 days in a row of losses, but the market does what it wants to.
This trade actually ended up working out as some of the individual miners I added and also JNUG has bounced nicely today. Looks like we have started to get the reversal in miners. That works for me but I’m trimming back some of the winnings again just in case.
I wouldn’t worry short term unless $1200 breaks…if that happens, you’ll get a Niagra Falls waterfall til the selling ends.
No worries Chris. There are no brick bats today. Gold on the hourly chart until an hour ago was really looking like it was making a waterfall decline meaning today’s sell off would be followed by another even deeper sell tomorrow. The bulls are not out of the woods yet so anyone anticipating a big bounce tomorrow might just be very disappointed if we get a sixth day follow through that goes even deeper into the red.