Back on August 26 I asked Am I Topping?
Thankfully so far, the answer is yes, but… that top was the prelude to an equal parts boring and aggravating consolidation as opposed to a hard top. Frankly, if I had not held the gold miners I decided to hold despite the obvious correction I’d be at new highs due to significant participation in other areas.
While my in-day mind gets frustrated with the market’s volatility and skittishness (pick a direction you pig!) my rational mind is happy about the maintained majority of 2020 gains and the downward biased consolidation. That squiggly line represents a lot of brilliant and bone head moves alike in 2020. It also looks like a chart that is biding its time. But with all the exogenous inputs to the market, I’ll have the stamina to watch the proceedings daily (or most days, anyway) in the event I need to take evasive action. Otherwise, steady as she goes says this annoyingly okay chart.
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