Loading ...The HUI and SIL…
Both look good/healthy on the daily charts, especially compared to silver and gold, IMO.
On their weekly charts, they have not even managed to drop below the 5 week EMA, which is a decent indicator of continued upward movement on the weekly chart (as long as that remains the case by Friday close).
Typical FOMC pump n’ dump BS to be expected today and the rest of this week, barring some shock announcement by the Fed. Let’s be real, there are literally thousands of insolvent regional banks holding underwater paper, so a rate cut announcement or even tapering of QT would not shock me in the least.
If a rate cut is not announced today, does S&P go into freefall?
Sir Fully? Decision time in an hour. So many wounded bodies on the stretchers and gurneys. See below:
Critical analysis (updates 4/30/24 and 5/1/24 – sector agnostic … look at AG and FCX versus the rest … everything except juniors, they’re now the most stable group … who would have thunk !!!!)
AAPL (sideways, stable)
AG (will it bottom around 6.35 area, scene of crime from where previous superb bull run started?)
AI (Are we stuck in this forever, going nowhere but sideways to down?
AMD (227.30 down to 142.86)
AMZN: went nowhere since Aug 2020 or even earlier!
BTC-USD (73,750 to 56,671)
COIN (283.48 down to 198.20)
CVS (83.25 to 54.00)
FCX (consolidating)
FSLY (in the dumps)
GOOG (gapped up to new high on buybacks and dividend, but shaky)
META (531.49 down to 414.50)
NIO (3.61 up to 5.25! Fake-out? or bottomed?)
PLTR (Are we stuck in this forever, going nowhere but sideways to down? 27.50, high on 3/7/24, painful up-move with so much labor, no new all time high, then crashes to 20.33 on 4/19/24, now sideways again, next move likely down)
SBUX (109.72 down to 73.36 on 5/1/24)
SMCI (1229 down to 701.27)
Respectfully,
GL
I don’t know anymore TBH.
Look at the regional bank ETF KBWB. It is actually up more than gold since last year! Why would anyone buy them or even trade them when they are literally insolvent???
Maybe the people buying their stock think they will be saved by a bailout. They are in such a precarious position, a few failures could trigger an avalanche. Too little to fail??
Looks like I nailed it with the QT taper call. lol