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The world of precious metals continues to be quite grim. Indeed, gold and its brethren have suffered tick-for-tick with the bond market.
The chart is crystal-clear: a right triangle pattern that has been quite plainly broken, and is at risk of much, much lower prices.
I seriously cannot believe these GameStop fanboys.
So last month they were all doing chest bumps as they drove the stock to $513, only to see it collapse to $40 and linger there. Then, on Wednesday, GME went bananas again. I didn’t know if I could stomach looking at /wsb, but I peeked, and sure enough, they were all ecstatic and predicting GME’s ascent this time would be $1,000. The reason? Big. Round. Number.
Indeed, just last night, there was this item:
At long last, the energy sector, represented by symbol XLE, seems to have reversed. The horizontal is at 50.81, and this thing has been rising almost non-stop since October 29th of last year.
Note from Tim: the post below was kindly contributed by Matt Amberson, who is the owner/founder of ORATS.com and, having met him personally, I can testify is an all-around good guy.
Matt Amberson of ORATS and Marko Kolanovic, J.P. Morgan’s global head of macro quantitative and derivatives strategy, were quoted in a Reuters article about the VIX bubble relative to S&P volatility although each have different views of the cause.
Kolanovic is quoted in the article, “The gap between investor expectations and actual market moves is “indicating a bubble of fear and demand from investors looking to hedge or profit from a hypothetical market selloff.”
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