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Welp, the madness is continuing full-blast, with ZeroHedge leading the way. It’s honestly jaw-dropping to glance at that formerly cynical publication, since it is slathered from wall to wall with optimism and doe-eyed zeal about the future. The entire world is going along with Tyler, however, as we vaulted higher on Sunday, camped out there all night long, and then got another big goose on the /ES just now.
Gold’s public sentiment (graph & data from Sentimentrader.com) registered an extreme last month as the market was supposedly anxious about war abroad and the political war here in the US. Oh, and more importantly, there is the slowly decelerating economy and the Federal Reserve, weakening from its previously hawkish policy.
Gold and silver Commitments of Traders (CoT) data are also indicating over-bullish sentiment by speculators. But this all goes with a bullish market. I mean, just look at stocks. The stock market has been structurally over-bullish all year, periodically reset by little yips and twitches in sentiment. So why not gold?
(more…)It seems to me that the rally in GDX and GDXJ is going to be stopped cold, based on the clean price gaps.
What we (NFTRH) viewed as a bullish but frothy sector – the precious metals, which had led the post-March broad rally into late October – has finally taken the haircut it needed. Or to use another turn of phrase, the precious metals correction, and especially gold stock correction, is sanitizing the sentiment and momentum profiles.
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