Was the drop in the markets last week enough to reset the overly bullish techincals?
There’s no doubt that the US markets have been on a strong run over the past two months. It’s reasonable to expect a pullback but was the pullback at the beginning of last week enough to reset some of the overly bullish? I chat with Chris Vermeulen, Founder of The Technical Traders about the set up going into year end.
Click here to visit Chris’s site and follow along with his trading.
After getting stuffed at the end of last week, the miners are breaking out again…
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=4&mn=3&dy=0&id=p77916021738&a=696258078
They are also reasserting their dominance over the stock market…
https://stockcharts.com/h-sc/ui?s=%24HUI%3ASPY&p=W&yr=4&mn=5&dy=0&id=p96271778376&a=705939716
SPY is ready to plunge versus SILJ:
https://stockcharts.com/h-sc/ui?s=SPY%3ASILJ&p=W&yr=5&mn=2&dy=0&id=p90874849896&a=704410785
I like that chart.
Funding Of U.S. Deficits By Monetary Creation Reaches 90% In Late 2019
http://news.goldseek.com/GoldSeek/1576078444.php
(And Trump is all for it which is not very “right”, conservative or free market of him.)
Now for a laugh and a cringe:
On June 20, 2019 at 6:54 pm,
Chartster says:
But all the yahoos saying the fed is going to do QE is kinda funny. They are truly clueless.
On June 21, 2019 at 4:53 am,
Chartster says:
QE is impossible for the fed to do. It takes a corrupt president with a corrupt treasury to let it happen.
Something interesting:
Volume for GDXJ in the 5 minutes preceding the Fed decision was twice that of the volume in the 5 minutes following it yet the reverse was true for GDX: The volume doubled in the 5 minutes following the decision.
Dec. 11 is not only Solzhenitsyn’s birthday, but also Brenda Lee is 75 today.