Market rebound strongly, Buy the Dip still the strategy for US Markets
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins me for a focus on the rebound for US markets on the back of the sharp selloff yesterday. Markets have recovered all the losses from yesterday while the US Dollar is also getting a buy and yields are up but only slightly. We discuss the big picture themes that are driving markets over the lower volume summer sessions.
Even better, it looks worse versus gold (GLD):
https://stockcharts.com/h-sc/ui?s=TLT%3AGLD&p=D&yr=1&mn=3&dy=0&id=p75839579244&a=995067966
We just might be witnessing the very beginning of the end of the long correlation between gold and T-bonds.
An interesting fractal look at GDX (which will disappear if gold goes lower):
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=1&dy=0&id=p02803058731&a=995415906
Thanks for sharing that chart Matthew. Yes, very interesting indeed, especially if the larger more recent pattern resolves to the upside to the same intensity as the smaller pattern did.
An exact 78.6% retracement would be 32.67.
The Canadian dollar continues its bounce:
https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=5&dy=5&id=p43926103059&a=995104666
What kind of fool am I? Yet again Bonzo has thrown caution to the wind and bought even more NSRPF. I can’t help myself.
Bearish engulfing reversal for TLT:
https://stockcharts.com/h-sc/ui?s=TLT&p=D&yr=1&mn=3&dy=0&id=p58923674809&a=995071827