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A couple of miles from where I live, and just a couple of blocks away from Tesla headquarters, is a company called Luminar. It was founded by a 25 year old (at the time) named Russell Austin who quickly struck it rich with a SPAC under the symbol LAZR, and he promptly bought the most expensive house he could find:
As big a fan as I am of gold and silver, this chart of $XAU – the gold miners index – caught my eye. The tinted portions indicate major points of resistance, measured over many years, and it was compelling enough for me to short GDX.
We’ve got a modestly red pre-open on our hands. Let’s compare present price levels with what was going on during the Sunday/Monday bull-fest.
Even with the /ES down over 30 points, all we’ve done is rewind to where we were around midnight on Sunday, halfway up its ascent. It helps, but it isn’t even close to a full reversal.
