Markets never got going higher for us as we waited patiently for the break above resistance that was tested a few times. Then we got out before the end of day sell off. Oil got hit again and is due for a big move up with GUSH here soon. Nat gas we jumped on abut didn’t want to hold over the weekend. It is down nicely and futures higher as well as oil higher as I type.
Economic Data For Tomorrow
No big data tomorrow. Draghi speaking at 9am.
Feeling stronger and stronger about the 2600 level being the base for the next move up to possibly 2800. I want us to be in buy the dip mode for that big a move, selling some highs at resistance levels and profiting from big moves up. We’ll see if Trump can keep quiet regarding China. He’s already looking for people to blame for the stock market fall we just had.
This should be the theme for the next couple of weeks; long the markets and Foreign markets most likely as well. The sell off is overdone. But need oil to cooperate to give it the extra boost.
I’ll repeat what I wrote Thursday. Foreign markets should take off with U.S. markets. BRZU, RUSL are my two favorites here.
No real move here at present.
Got some more back on DGAZ Friday. Looking for that move under 4 still for nat gas.
Sentiment is single digits and will be moving up to over 50 on the next move.We have to be long for that move when it comes. It will come here. Just like nat gas falling. These ETFs don’t move in straight lines, but the moves have been pretty extreme, reaching 20% at times in one day.
Precious Metals and Mining
Still leaning a little long here for many reasons. But don’t fight the dollar. Metals and miners should still react opposite the dollar. Gold is down a hair and the dollar up a hair.