US Dollar
USD came very close to our upside target of 101 and has since had trouble. After testing the March high and dropping, USD is now bouncing from the lower line…
USD came very close to our upside target of 101 and has since had trouble. After testing the March high and dropping, USD is now bouncing from the lower line…
A subscriber who has a history as an India fund manager was kind enough to pass along (actually, remind me of…) a couple more symbols of interest (to go along with Nifty 50 fund INDY and MSCI India fund INDA). These are the Wisdom Tree India earnings fund (EPI) and the Market Vectors India Small Cap fund (SCIF). These are presented for your consideration and further research.
Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
As suspected would be the case, the US dollar appears to have resumed its correction after rising to test the high. The first important support zone has been the shelf surrounding 94, which intersects a trend line from last summer’s lows.
In keeping a balanced approach to the stock market, I have certain companies on radar while at the same time being open to going bearish (beyond the SPY short) if the signals come in.
As with yesterday’s updates on Lithium and REE, we do a ‘+’ on the Malaysia iShares for those who might be interested and send it to the entire list, as it is more of a macro chart and not a dynamic trading situation. I am simply digging up charts that I find interesting from around the global asset markets.
After noting some new positive points and lingering negatives, the Precious Metals segment of NFTRH 337 ended with this…
“But the bottom line is that the precious metals are still only on a technical bounce and the CoT is giving a caution signal. We should respect both of these conditions until they are cleared. We’ll continue to update of course.”
You may recall that ‘outlier’ commodities Lithium and REE’s took off together earlier in the year and the advice was that if you are a “Lithium head” (or REE head) it would be best to wait for a pullback.
A subscriber asked if I was still in the SPY short or had I stopped out? Answer: Still on the short. It had been noted that the stop loss would be above 208.61 (last week’s high). SPY hit 208.76 today and I have not even thought of letting that make me cover.
First an admin note: The reason we are not having many NFTRH+ updates lately is the same reason I kept NFTRH+ a free add-on to the regular service; I did…
Yesterday we showed the ETF charts that were at bounce points (if they were going to bounce). Today GDX and GDXJ are up around 4%. I grudgingly added a couple…
We noted in NFTRH 336 that these ETFs had short-term support levels lower than where the prices stood as of the end of last week. Today they reside at those…
Gold Sector
Turning to the precious metals first, HUI made it to 175.62, which is a little lower than the ‘+/-‘ we have been tagging with the 180 target. RSI held below 50 and while it could just be filling a little gap from last week, it does not look overly inspiring. We continue to let those who obsess on the precious metals as if it is the only market on the planet micro manage this. Nothing has changed yet, and that includes the fundamentals. There is no actionable bull signal beyond the bounce. 180 +/- remains the target for now, but this thing must get in gear quickly.
[edit] It goes without saying that if today's bounce fails and SPX goes on to make new lows, the analysis from this morning is back on. Though 2090 is a…