I would like to suggest that commodities have peaked, at least for the medium-term. Take note of where we are on the Fibonacci retracement.
Commodity Resistance
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Fibo Punchy
That meme-iest of meme stocks, GameStop, which I wrote about yesterday, is finally slipping (I bought puts yesterday in my Slope virtual account). What is fascinating to me is how obedient the prices are being with respect to the Fibs. Check out resistance (red arrows) and support (green arrows).
CryptoPal
I’ve got to say, I am utterly annoyed with so-called “precious” metals. One would think that, at least in part, the forces behind the explosive rise in cryptocurrency values have the same effect on gold. Nope! Bitcoin, shown below, is exploding higher, whereas gold is just sitting around picking its nose. The metaphor is just as repulsive as gold’s lackadaisical behavior.
Fib-Bit
The ascent of Bitcoin lately has been remarkable. In a mere two months, it has gone up 60%. Remember, this isn’t a company. There are no products, no revenues, no profits. It’s just………..a tradeable thing. In any case, I’ve been impressed at how much sway the Fibonacci retracement has on this beast, and just as I said I liked Bitcoin at $13,000, I’m saying now I don’t like it at $16,000.
