One glance at this morning’s quote screen says it all:
Yesterday, when I did my Gold is Garbage post, I ruffled some feathers, but seriously: if precious metals cannot thrive in an environment like this, what chance do they have? They appear to be the buggy whips of the new financial order. Only 1’s and 0’s seem to be growing in value persistently.
Equities may be losing their momentum, as illustrated by this chart of the /ES futures:
My fixation remains on tech stocks, and most particularly the semiconductors. Below is the /NQ which is still sporting a fantastic diamond pattern:
I closed my virtual portfolio yesterday in the red for current positions, but I’m loaded to the gills with puts.