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Equity markets always seem to have an obsession. There are myriad choices, including:
+ Whether or not a certain war is going to break out; + What Cisco's earnings will be (that was so eleven years ago……); + Whether the debt ceiling will be raised; + Who is elected President; + What kind, and how much, of stimulus the Fed will enact
The most conspicuous aspect to the enclosed daily iShares Silver Trust (SLV) and SPDR Gold Shares (GLD) patterns is the relative lack of near-term resistance in the latter compared to the former.
Purely from a technical perspective, the GLD has hurdled key near-term resistance at 164.70 and should be on its way to filling the down-gap area created on Sep 22-23 up to the 169 area. Let's also notice that the GLD is trading above its rising 200 DMA, and above all but its declining 50 DMA shorter-term MA's.
Meanwhile, the SLV has much more serious resistance headwinds between its near-term upside breakout plateau at 32.00 and 33.80.
By far my best performer today has been symbol CVI. I was scratching my head about it, since crude oil was zooming higher, so I asked Slopers what was going on. One kindly responded (and has given me permission to reprint his words here):
The reason your refining shorts are working so well is because the spread between WTI crude and Brent crude is completely unraveling. Guys have been long refiners because they buy cheap WTI crude and sell gasoline and diesel that is priced off the more expensive Brent crude. Now, that is completely reversing as the gap between WTI and Brent is completely unraveling. So its game over for refiners. When the technicals meet the fundamentals, special things happen. Great call.