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Broad market selloff coverage – Bitcoin, oil, and gold

Cory댊
July 19, 2021

Ed Moya, Senior Market Analyst at OANDA joins us to recap some of the key selloffs today in this day of red for investors. We start with Bitcoin and its continued decline to the $30,000 level. Next up are general comments on the broad based selloff and the sectors that are getting hit the hardest. We also touch on the move down in oil and limited move down in gold.

Click here to read over Ed’s daily note.

Discussion
13 Comments
    Jul 19, 2021 19:28 AM

    Three good interviews to hear today as we pick ourselves up off the ground. Thanks Cory and Shad. I going to ask my dog if we wants to kick me as I place some trades.

      Jul 19, 2021 19:10 PM

      Thanks for that comment David. Yes it was a rough day across the board in most sectors, and we are just rolling with the punches. I was quite active today with 23 trades, 1/2 tax loss sells, 1/2 adds to fortify existing core positions.

        Jul 20, 2021 20:07 AM

        I have slowed to a crawl on trading. Probably should take some losses as my taxable gains do not exceed how much my account has dropped in value since July 2. Similar pattern to last year: good capital gains over a couple of months, then prolonged losses while charts appear things could go either way. Emerita and a few young juniors that no one is watching is about all that is green. Biggest down side are in good ones like Vizsla and Eloro. Primarily losses in the ones with best drill results.

          Jul 20, 2021 20:20 PM

          That is an interesting observation on some of the larger drops being in companies that have done good work and put out good drill results. I have noticed that in a number of quality stocks.

          It likely means they were somewhat overvalued, or at least victims of their own success and the big runs they had gone on, and thus subject to some profit taking as a result of how far to the upside that they had already run.

          This profit taking from investors that already had nice runs in the companies that have been putting out some good drill results would be understandable though, and I also did that in a few stocks I like recently that have performed well just to take some chips off the table in such a wild market. I now regret not taking more profits than I did, but hindsight is always 20/20 and the severity of the sell off in the stocks, compared to the metals that have mostly treaded sideways the last few weeks was more than most expected.

          So, for investors to trim back some winners in the face of many different markets simultaneously correcting hard made sense, as they went to cash. However, this selling then begot more selling in some quality stocks, which instilled more fear in others to also trim to lock in some gains before they evaporated… This kind of selling pressure, even it if is low volume, can snowball quickly if stop loss and limit orders start getting triggered, and if there is no interest from buyers to hit the bid. It happened in a number of quality companies, but really there was quite a bit of selling across the board in most of the mining stocks, and few were spared.

          >> May you have prosperous trading David, whichever path you decide to take, and looking forward to better parts of the metals cycle.

          For me personally, I’ve got plenty of capital gains from this year to wash out, and decided to use this opportunity with large corrections in many stocks to take a partial or a complete tax loss, and wash out some of those prior gains. Some of those full or partial positions I will repurchase in 30+ days, but then again, some I may not repurchase at all. I decide to put many of the funds raised in selling back to work with adding to existing positions that I plan to hold for the medium term, and even started a few new positions as swaps for the dogs that were sold. It has been a busy 2 days of trading for me and a complete portfolio reboot for the 2nd half of the year.

    Jul 19, 2021 19:04 PM

    Cory….. Where has the Politics banner & the silver chart gone ?

      Jul 19, 2021 19:16 PM

      The politics link is still on the left hand side of the page with the American flag background and works. The web guy was working on some things behind the scenes today and we had the site go down, and we were cleaning up some old stale banners at the top of the page, in preparation to launch the new website look in the next 2 weeks or so. Stay tuned as it should be a nice upgrade to the website.

        Jul 19, 2021 19:22 PM

        As for why the silver and gold chart feeds stopped working, that is unknown.

        Hopefully folks can be patient as we get ready to refresh the website look and upgrade the functionality, as there may be a few kinks to work out in the process, but please keep us posted if there are areas that need attention during the process (most likely next week or the following week).

        My email is shad@kereport.com and Cory’s is fleck@kereport.com

        Ever Upward!

        Jul 19, 2021 19:24 PM

        As for why the silver and gold chart feeds stopped working, that is unknown.

        Hopefully folks can be patient as we get ready to refresh the website look and upgrade the functionality, as there may be a few kinks to work out in the process, but please keep us posted if there are areas that need attention during the process (most likely next week or the following week).

        My email is shad@kereport.com

        Ever Upward!

    Jul 19, 2021 19:12 PM

    SILJ is oversold and has touched and pierced its 600 day EMA for the first time in 14 months.
    https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=5&dy=0&id=p55268859357

    Jul 20, 2021 20:46 AM

    I checked with the Counter Intuitive site and they indicated this is a better day for gold then yesterday as the JP Morgan Family Picnic at The Hamptons Fair Grounds is today.

    Jul 20, 2021 20:48 AM

    then = than
    e = a = mc squared

      Jul 20, 2021 20:25 PM

      David, if all goes well, we should have an edit feature built into this forum after we refresh the site, and it will allow folks to fix things like that after submitting.

      (I know it would help me out personally to have the edit functionality, as very often I post when in a hurry, or on the phone, or at times when slightly distracted in daily life, and then after posting reread it and do a facepalm. Haha!)