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Completely by chance, early today I saw this remark by LZ:
I was intrigued, so I fired up the ol’ Layered Charts. Here is what I saw when I placed Palladium (blue chart) on top of the QQQ (black chart). The long-term correlation is clear, and there are certainly instances in which the NASDAQ has to “catch up” with Palladium.
(more…)It seems that all too often lately the gold mining sector is in tow with commodities in general and broad global stocks in its ups and downs. As a leader, but not THE leader of the rally that is fine for now as long as we’re still on the back end of the originally projected Q4-Q1 rally in broad asset markets.
But if I am correct in the view of a real bull market in gold and especially the miners, at some point this will have to change. Gold miners are counter-cyclical businesses and the fact that their cost inputs like energy, materials and even human resources are rising in cost is not positive. While the fact that gold has been outperforming most of these for the last 3 to 6 months is positive, the real play will begin when investors look at their portfolios, beaten to a pulp, and see only one sector (or one of a very few sectors) rising while a bear market resumes in cyclical, risk ‘on’ assets.
(more…)Let’s just say I’m hoping the freakin’ US dollar can finally respect its superb bullish cup with handle formation. Yes, bullish. Me. Bullish.
Back in October we began to plan the prospect of a relief rally that would be fueled by over-bearish sentiment (contrary bullish), ‘Fed hawk’ relief as we anticipated inflation signals to ease, and a post (mid-term) election seasonal pattern that is bullish for stocks. This public article had a lot to say about that on November 10th:
(more…)It took a couple of days, but precious metals finally seem to be succumbing to logical resistance levels.
