This morning, the ADP employment data was unsurprisingly strong at 238,000. Later today we have Fed minutes and on Friday the Employment report. (more…)
HUI is either dropping to fill a gap (not a bad thing) today or testing short term moving averages for support.
For anyone interested (and I continue to harp on the idea that most probably should not be, since NFTRH is a macro market manager, not a day trader service), here is a look at a couple of markets on which I have taken bearish positions.
Earlier in the week we noted the hard down and reversal in the precious metals as an indication to keep an interested eye on. We also noted that we’d want to see Thursday and Friday follow-on, preferably on volume. Yesterday added to the bull case as follows:
First, please understand how much the many notes I received from NFTRH subscribers upon my father's passing meant to me. Thank you so much for your thoughts. This is about…
Given a potential bottoming in the Uranium sector, the Uranium ETF URA is added to the Key ETF updates.
Uranium prospect UR-Energy is up 17+% today. I had noted that the position was increased on a down day recently. I am using today’s pop to take a partial profit of about 18% in the form of those extra shares as URG bounces to short term resistance. I may also take the remainder of the profit before day’s end or tomorrow. I have not decided on that yet.
Since Broadcom was first presented in an interim update and I am still holding it, I wanted to update its status for anyone interested. The target is at or just above 30, but I am going to take my humble 4.4% on it and move on.
With things in the media like a market strategist declaring he wouldn’t buy gold with his worst enemy’s money (CNBC) and SoGen declaring gold is finished as a safe haven investment (MarketWatch) I am given doubt about our nice neat downside technical targets. The targets are there mind you, but technical analysis can go right out the window with one shift in the markets as we all know.
Folks, gold is bouncing today and yet the chart below is a bearish divergence, as the 30-5 yield ratio (top panel) continued to drop like a stone. For effect, the nominal 30 and 5 are shown in the lower panels.
What to watch for with respect to a precious metals drop that could be the beginning of a climactic decline:
Well hallelujah! Finally, we have a move in the right direction by our friends at the Fed. Token though it may be. We needed a signal toward change and we got it.
A self-explanatory chart of two of the old tech guard. I would like to buy both of these back for a potentially quick trade at the shaded support zones. AAPL is clear. MSFT has a gap at a lower support zone. That looks like a tough fill, but I have seen stranger things happen. I may hold out for that lower level.
Recently two things were mentioned in NFTRH.