The /ES has blasted over 300 points higher over the past couple of weeks, and it even managed to push slightly past the base of the reversal pattern (horizontal red line). The Trump Optimism reigns supreme!
Indeed, just about the only red right now is the small caps, /RTY. We have tagged the same important resistance level which has acted as a jump-rope since last July.
My “eyes on the prize” continues to be one simple theme: bearish equities/bullish precious metals. Every long-term ratio chart I look at is jumping up and down with the same message. The relative value of these is going to make a massive move for years to come.
And silver, in particular, has my attention, since, as the lesser-loved precious metal, its price relative to gold has been smushed down to what I believe is a very alluring level.
