HUI daily chart per Monday’s NFTRH+ update
As he pushes his cart of rocks slowly out of the cave and up the hill (careful not to backslide too much Huey) we’ll reference an NFTRH+ subscriber update on Monday (now public) that guided the way to today’s pullback level just above the 50 day average. Not a thing is happening that we were not prepared for ahead of time.
After the channel breakout was reversed it was pretty much in the bag that Huey was going to pull back appreciably. Add a side order of FOMC and the machines that go berserk in its wake and well, there you have it. HUI is almost to the 273 projection from the update. The channel bottom is not much below that and that is a possibility as well.
The more important point is that this is and has been a sentiment rally with the fundamentals not having turned for the better. And don’t let these girls try to convince you otherwise. They were pumping hard when HUI reversed and I still see them and their 10s of thousands of followers littering Twitter. The Fed is printing funny munny! Buy gold stocks! Well, no. The time for that was last spring. Today the fundamentals are not good and until they turn it’s only a sentiment rally.
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