I make the point in the title because the real fundamentals that matter for the gold stock sector must be in line at the beginning of a real bull phase or bull market for the sector. I make that point with the example of Q1 2016, when a very powerful gold stock “launch” erupted but in Q2 of that year we (NFTRH) were already advising a degrading of those fundamentals. A public article I wrote referenced this on May 30, 2016.(more…)
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SPX made a high early this week, broke down from a decent quality falling wedge and the obvious retracement targets were either the 38.2% or 50% retracements in either the 2840 or 2820 areas before another likely leg up.
Sometimes however any initially promising looking topping pattern evolves into a flag as the index trades gently sideways to down, and so far at least, that is what has been happening here. SPX may yet make a lower low, unless this is a triangle forming here, in which case SPX would likely test triangle support in the 2876-8 area before breaking up into a new high for June. If we are going to see a full retest of the all time high, I would expect to see that on this leg up into the next high window in the last few days of June, and then likely lower.(more…)