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Ever since June 3rd, equities have been going straight up. The icing on the proverbial bull cake happened today when the S&P 500 made a new lifetime high, both on an intraday basis as well as a closing basis. It was only a tiny bit higher than the higher set a couple months ago, but it was the highest point in human history nonetheless.
Qudian continues its steady march higher. Just 4% more,and the pattern will be complete. As a reminder, my target is $13 if the pattern completes.
It’s not a chart of nominal HUI with upside technical targets. We’ll do that in NFTRH this weekend, along with the usual individual miners. Rather, it’s a companion to other charts we’ve been reviewing over the last several months showing the under valuation of the gold stock sector relative to gold’s performance vs. cyclical assets/markets. For example, gold has risen strongly vs. the CRB index and that is a sector fundamental under valuation.
Before I begin, I wanted to thank everyone who has written me both ideas and congratulations for our new Annual Overlay feature (yes, I’m going to come up with a better name, hopefully one which doesn’t stink). I don’t think I’ve ever received as many ideas for a given feature before. Anyway, on to the green screens……….
Lifetime highs. That’s what we’re getting on the heels of yesterday’s FOMC announcement and in advance on next week’s G20 summit. Only since June 3, not even three weeks ago, we’re up nearly 2,500 points on the Dow and are busting records left and right.
