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The bears are just about done. It’s quite clear that the selling we saw earlier this month (which lasted all of two trading days – – August 1st and 2nd) is a freak occurrence, and 95% of the time, the market will simply get more overvalued. The LAST opportunity – – and I do mean the last – – for the bears to have any hope is if these gaps hold. If they don’t………..I guess it’s off to Dow 100,000.
In recent weeks, I’ve presented many charts to illustrate why I am bullish on precious metals. Silver in particular has had a great couple of weeks, but I’d like you to take note of that dashed line.
Eli Lilly (LLY) has been one of the most merciless goes-up-all-the-time stocks in history, but recently it has done something surprising: created a major price gap and then perfectly filled it. Perhaps this is the end of the ceaseless ascent?
Over a span of just over two months, Dell (ticker symbol – – I’ll give you a moment – – yep, it’s DELL) lost nearly 50% (!!!!) of its value. Over the past few trading days, it has staged a mighty rally. I would suggest this bounce is similar to the last time, both tinted in yellow, and will meet the same fate. What’s key is the price gaps, which I’ve emphasized with red arrows.
