As the trading range on gold tightens, there are some negative signs. I’m packing it in on most of the the mining picks for the time being.
We have a selloff in the pre market, but the TA says, don’t trust it yet. Or maybe, “Trust, but verify,” for those of you of a certain age, like me.
Meanwhile, as for chart picks, I didn’t see much that I liked in this week’s screens. I didn’t add any longs. We’re already loaded to the gills there. I added two shorts, and one is conditional on a limit price entry.
4 picks were stopped out last week. With the the 2 new picks, that will leave 16 open picks, including 12 longs, and 4 shorts.
List performance improved last week, with the average gain increasing from +2.9% to +3.8%. The average holding period rose from 12 calendar days to 13, which is still less than the usual 16-20 days because I added a slew of new picks the previous week.
Chart picks are theoretical, assume 100% cash stock trades, no margin, no options, no futures.
I once read somewhere that past performance doesn’t indicate future results, or something. Is that true? Hopefully it is, considering some of my past performances.
Last week I was surprised when the US Government’s retail sales data hit a new high. No way, I said.
Well, Way!
Yes, some retailers are seeing booming sales, particularly online, and … wait for it…
Grocery stores. Even after pulling back from the lockdown spike, they’re still up more than 7% year to year.
Now there’s a basis for a thriving, growing US economy.
Not.
Obviously, I did not like the action in the metal and miners yesterday. They are edging toward a potential breakdown, but there’s still time for…
Short term cycles have entered down phases. But this looks like a consolidation, not a top.Here’s why and what to do about it. The chart…
The market has the benefit of $115 billion in Fed mid-month QE MBS purchase settlements this week. That would normally be very bullish. It’s notable…
The Fed’s balance sheet has now grown by over $2.8 trillion since March. That’s when the pandemic panic was at its extreme and the Fed…
The pop in the miners looks wildly bullish on the charts. Subscribers, click here to download report. Try Lee Adler’s Gold Trader risk free for…
Scheduled liquidity data has told us for a couple of months that October would be bullish. That played out like a charm in terms of the technical analysis last week. We also know that liquidity only gets more bullish this week. The technical picture confirms that outlook. We must give the bullish factors the benefit of the doubt.
My stock pick screens confirm that. I’m adding 7 picks from those screens this week, 5 long and 2 short. That will leave 13 open picks, including 11 longs, and the 2 new shorts.
Tax collections have leveled off at a negative year to year rate. The Fed has gone to Congress begging for fiscal support for the US…