TG Watkins - Techincal Trader – Mon 29 Jun, 2020

US markets and gold stocks – Are the summer doldrums around the corner?

TG Watkins, Director of Stocks at Simpler Trading joins me to address the theory that the summer doldrums are right around the corner for US markets and gold stocks. We spend a lot of time comparing the moves in gold vs the gold stocks. Looking at the long term chart is easy to tell gold is much closer to all time highs than the stocks.

Remember to sign up for the webinar tomorrow at 2pm PT with Great Bear Resources. Click here to register for free. And send me any questions you have beforehand to Fleck@kereport.com.

Click here to visit the Simpler Trading website.

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Comments:
  1. On June 29, 2020 at 1:13 pm,
    Matthew says:

    I can’t say that I’m worried about any summer doldrums but I’m detecting plenty of skepticism in the trading action lately, and that “wall of worry” is a good thing.

    BBB Breakout:
    https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=1&dy=0&id=p50673568222&a=754175187

    • On June 29, 2020 at 6:30 pm,
      Glenfidish says:

      Ditto my good friend!

      Can’t say more when you have great minds alike. We will break $1800 soon.
      Wall of worry you nailed it!

  2. On June 29, 2020 at 2:14 pm,
    bonzo says:

    WHGOF up 18% today and IRVRF up 15% !!! No doldrums there.

  3. On June 29, 2020 at 3:22 pm,
    Bill says:

    Mathew bbb = pop! Fg.v too 🙂

  4. On June 29, 2020 at 3:23 pm,
    Bill says:

    Oh just saw your commet lol
    I aggree everyone believe a pullback is order BUT bulls hate riders

  5. On June 29, 2020 at 4:01 pm,
    Nigel says:

    Rupert Resources up 24.31% today. Anyone know why?

  6. On June 29, 2020 at 4:17 pm,
    Bill says:

    many micro caps are today. Speculators are gambling also maybe moneys looking ahead at gold being much higher in time…these company’s will become viable. They could go up 10 or 20 fold…I think.

  7. On June 29, 2020 at 4:19 pm,
    Bill says:

    actually sorry it ain’t to micro cap I just looked at the chart……its been flying for a while.

  8. On June 29, 2020 at 4:31 pm,
    RICHARD/DOC says:

    BONXF also with a breakout on the daily—many of these stocks will only really get going when they break out on the monthly charts.

  9. On June 29, 2020 at 6:37 pm,
    Glenfidish says:

    Hey doc good to see you posting. We have had some really good action since the lows on March 16. I hope you have been in the game as me and Matt have continued to beat the drum we are going higher.

    What are you seeing?
    I have on record both Matt and ex saying we will slice through the all time high $1923 before a meaningful pullback and i however am in the other side. What do your technicals tell you.. do you believe if $1800 is broken will will pass $1923 before lull back? Even Gary thinks that will happen. I seem to be the only lone cowboy with a price target that will hold after $1800 is broken and will not allow $1923 to be broken before pull back.

    Anyhoo hope all is well

    • On June 29, 2020 at 7:00 pm,
      Wolfster says:

      I guess a lot of people are in the same boat as me……so busy that there’s little time to post and comment…..only possible explanation for the lower number of comments at such an exciting time. Too bad it’s a holiday this week…might be a slow week but doesn’t mean breaking $1800 won’t happen.

    • On June 29, 2020 at 8:19 pm,
      Matthew says:

      Glen, I hope you can view a quarterly chart because gold is about to break out at one huge and important pitchfork resistance. If it just closes tomorrow where it is right now, we will have the highest quarterly close ever. In other words, a new all-time high on a quarterly close basis (a quarterly line chart would show it without noise). Some big money will see that as the “writing on the wall” and the absolute/intraday all time high will be foregone conclusion, just a formality (it already is as far as I’m concerned). All those Elliott Wavers who saw a new bear market low coming are about to get smoked.
      https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Q&yr=50&mn=11&dy=0&id=p98153065982&a=762641779

      • On June 29, 2020 at 8:56 pm,
        Glenfidish says:

        Hey Matt yes I do see it. We are precisely at that moment just ready to explode. I’m in total agreement large money is going to be deployed fairly soon as you say.. I will lay some caution closer to the highs. As you always say let’s see when we get there the bigger technical picture. For now big gains to be had

  10. On June 29, 2020 at 8:21 pm,
    Matthew says:

    GDM (basis for GDX) is about to break through Fibonacci Fan resistance:
    https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=2&mn=0&dy=0&id=p72728097441&a=577064562

  11. On June 29, 2020 at 8:24 pm,
    Matthew says:

    SLV needs to rise about 2% versus GLD to break above a well-established fork resistance:
    https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=0&id=p90489688059&a=722423179

  12. On June 29, 2020 at 8:27 pm,
    Matthew says:

    The Canadian dollar looks like it will soon rise which is what we want to see when the miners look good:
    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=2&mn=7&dy=0&id=p98748964658&a=637578371

    • On June 29, 2020 at 8:59 pm,
      Glenfidish says:

      We are still quite away from its long time high I believe 1.11 vs the usd. I expect longer term the cad to retest that high vs usd and if not eventually break it. US dollar is toast imo