Loading ...Monday morning observations
My system depends heavily on weeklies.
So Monday signals are fluid pending Friday closes.
That said … energy sector ETFs are on fresh uptrend (re) buy signals today.
and DUST and JDST are also on fresh trend buy signals.
I guess miner profits don’t like rising energy costs. Whooda thunk?
My work has yields rising again soon also. (but not quite yet)
Thanks pedro…bummer for PM Stocks
Pedro, I agree, the PM sector bounce appears to be over. I’m completely out of the metals now.
The price action in the miners today leads me to believe that we’re entering back into the downtrend. Those pesky giant H & S patterns loom in the background.
Off my tools, we never left the downtrend. That call is driven at higher degree, so bounces always have potential where you have to fly by seat of your pants a bit. A while back, Plunger emphasized that ANY bounces (then) were LIKELY to be BMR’s, and I expressly concurred. That will hold true for a while yet.
I also think that this sector won’t revive until SPX tops, and even then I wouldn’t be sure of that, in terms of immediacy.