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As we all await to see how the actual market (not weekend guesses) responds to the Iran situation, let’s do something we haven’t done in a long while and check out some key ratio charts.
My long-held thesis that precious metals were going to massacre equities is in full swing, with the NASDAQ collapsing when denominated by the price of silver.
Let’s review some of the key indexes, shall we? It was a big week.
The NASDAQ Composite has retained the failure of its medium-term trendline. Even more important, it tried but failed to make a new high. The next important level of support is the dashed green line, which is anchored to the lower of November 21st.
I guess I’m kind of a 1931 guy at heart…….
Now that Warren Buffett has retired, it’s interesting to see how his astonishing success was allowed with so many dips along the way. Gosh, will another dip ever happen again in our lifetimes?
