Welcome to a new week, everyone. As expected, on Sunday, all the equity futures shot higher (because they were “cheap” following last weeks’ minuscule sell-off), but as of this composition, the /ES is up all of 0.05%. As I wrote last week, this market no longer belongs to any political party, so it actually has the opportunity to behave organically for a change.
The longer-term /ES to which I keep referring shows a clear pattern of trendline failure followed by a respectable period of weakness.
Over the weekend, I noticed image after image of what I refer to as the Co-Presidents. In what must be some of the least-surprising news of our lifetimes, news came out this weekend that the federal government is magically going to come out with a framework for self-driving cars with the new administration. Tesla (TSLA) is responding very positively to this news pre-market, vaulting about $30 higher at one point.
As for silver, at the risk of falling for her siren song again and fumbling, I’ve got to say I think the sub-$30 price last week was the bottom. It is fighting its way back, and I think the lower lows/lower highs we’ve witnessed for weeks now is finally behind us.
I think I’m finally going to take Baby Bear’s advice and stop waiting for the perfect moment, but instead just scale into it, wiggles be damned. The long-term charts of silver, to my eyes, scream nothing but victory.
