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President Trump exits Marine One at Walter Reed National Military Medical Center after being diagnosed with COVID-19 (photo via Fox 5 New York).
Military DEFCON 5, Market DEFCON 3
After President Trump announced on Thursday that he and the First Lady were being tested for COVID-19, Twitter users made Tim Hogan’s tweet about spotting Boeing E-6 Mercury planes go viral. Quoting Hogan’s tweet, Alexandra Chalupa described the purpose of that plane in alarming, but essentially correct, language.
I stumbled upon the Apple (AAPL) chart and was struck by how cleanly that trendline has changed roles. The stock bottomed on March 23rd (of course) at a low of 52.91 and, after peaking with a 160% gain (!!!) it has lost about 20% of its value. Click on the chart, and you will how, since September 17th, the exact line that was reliable support is now a ceiling.
Whether the market is foreign or domestic, equity, commodity or metal the grind is on. Speaking of grind, the one in gold has been expected as the metal builds out its big picture Handle to the bullish Cup with an objective that is much higher. Let’s take a look at a few NFTRH charts to gauge the grind in several markets and by extension, the grind many feel on their nerves these days. It’s not a time to make money. It’s a time to preserve gains and patiently position.
For gold the grind would be the making of a Handle after the Cup’s key higher high to the 2011 high.