The work has taken me into unfamiliar territory this week, where despite an alarming sentiment event (COVID-19) I am forced to come to the terms that is not likely to work out as successfully for a contrarian as others (from the Fiscal Cliff, to the Greek debt tragedy, to the greater Euro crisis to various Flash Crashes, etc.) have over the years.
This one is the alarming sentiment event that if/as it persists will have economic implications and thus market implications. So far it’s all been well and bullish as usual. But I see indications that that could change, at least temporarily. A buying opportunity, compliments of Corona, could well be out ahead. But right now the retention of profits is Thing 1. A helpful report for me to write this week.
Oh an aside from the dense macro stuff, the precious metals broke out from their bull flags/handles last week. So there’s some fun stuff in here as well, charting the miners using weekly charts for a change to get a larger perspective.