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Doctor Copper dwells below the broken support level at the SMA 200 despite this morning’s market relief on some Huawei relief crap in the media. The good doctor must reclaim that level in order to put a cyclical macro recovery scenario back in play, at least if doc is still an effective global indicator.
On the other end of the macro spectrum Gold of course failed its breakout (and shook me out of a short in the process) and we are back to the original theme, which was managing the up-turning SMA 200 and then if need be, the two lower support areas. This old fart is the metallic antithesis of the good doctor above. While the gold community will come up with all kinds of reasons why “they” took gold down, the best reason is that the bugs were buying en mass in February when the fundamentals were falling apart. Depersonalizing it, this is just a cleaning of those bugs. Same old, same old.
Silver went the wrong way out of the wedge, which is something that its positioning below the down-turned 50 and 200 day moving averages said it could do. It is at the next level of support and threatening to lose it. I bought some of the silver bullet (SLV) and will plan to add more if silver drops toward 14. Could be wrong, could be right in that heroism. But they say buy when the gold/silver bugs are up chucking their previous excesses, so that is what I am doing (ever aware that the ritualistic running of the silver and gold bugs often gets more intense than originally anticipated up front).
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