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About seven months ago, gold looked like a sure thing. Trillions of dollars of fresh fiat, rising inflation, rising interest rates, and central banks gone wild. On top of this, metals were pushing to lifetime highs and had emerging from an enormous basing pattern.
That all ended on August 6th. Anything to do with precious metals has stunk to high heaven, like GLD:
As I’ve mentioned endlessly, my favorite short these days is the semiconductor fund symbol SMH (which, appropriately, is Internet slang for Shaking My Head). The pattern isn’t done yet, but it could not be more clear what levels are required to (a) disprove this as a trade (b) affirm this as a completed pattern:
I have something to share today that is just too weird to leave in a comment. I was going over my EOD checks Monday evening and I saw the Equity PCR pretty much at its upper weekly bollinger band while the VIX hasn’t really jumped at all.