The Commodity Chart Scarier Than Gold's

Jul 9, 2020

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01:13 PM PST

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Good Thursday afternoon, one and all. We have to give credit where it's due - though the market may be vulnerable here, the bulls aren't going to go down without a fight. The longer the market can just hold the line and set up a technical base, the better the odds are we can sidestep a meltdown and see a bullish late-spring and early-summer. Now, we're not telling you it's going to happen that way. We're just saying the odds of a pullback just got a tad smaller. Let's start there today.


The good/impressive news is, the S&P 500 managed to keep chipping away, hitting another record high in the process. The bad news is the volume behind the move was not only low, it was pathetic. It wasn't just the S&P 500's volume that was pitiful either. The advances from the Dow and the NASDAQ didn't have any meaningful participation either.

The Rally Looks Like it Just Ran Out of Gas (Plus, a New Pick)

Jul 9, 2020

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01:13 PM PST

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Yes, we may have seen a glimmer of hope for more bullishness in today's session, but there's no way we can deny it was a very tough effort to muster what little bullishness we saw. The market was already overbought to begin with and today's lack of 'umph' could be an omen of an overdue pullback.


We'll look at the market's reality in a moment. The first thing we need to do is take care of a little tradin' business... an exit, and an entry.

Once Again, the Rally is Too Strong to Trust

Jul 9, 2020

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01:13 PM PST

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Welcome back! We hope you all had an enjoyable Memorial Day weekend. And, for those of you who are also subscribers to the SmallCap Network Elite Opportunity service you certainly got the new trading week started on the right foot. by locking down a 19% gain on your Direxion Daily Gold Miners Bear 3X Shares (DUST) position.


Like the ETF's description suggests, the fund goes up whenever gold goes down. It just happens to go up by three times as much. SCN EO members got into DUST back on May 8th for around $24.00 a share when John Monroe first saw a big pullback brewing for gold. Monroe decided to take advantage of gold's big pullback today, selling DUST around $28.60.

Stocks Quietly End the Week On the Verge of a Monster-Sized Breakout

Jul 9, 2020

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01:13 PM PST

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You know, Friday's session wasn't a bad way to end the week and kick off a long weekend. While we still have our doubts the market's actually wiggling its way into a breakout, every little bit of progress helps. Even if we stumble in the coming week the bulls took a pretty important poke today and may have finally pushed the market back into an uptrend.


We'll tell you exactly what we saw that matters today in a moment. We've got some other business to take care of first.

It's Crunch-Time (Again) For the Market. Plus, a New Pick.

Jul 9, 2020

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01:13 PM PST

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Is this the one? Is this bullish move actually going to be the one to yank the market out of its rut and into a spring rally? It sure looks like it could be, on the surface, but I have to remind you we've seen this song and dance before to no avail. There are still ways the market could reverse its present course and slip back into sideways mode.


I will say this for stocks though... Thursday's action puts the market closer to a breakout than any of the other efforts so far have. There's just one problem I see. Let's talk about that problem last.

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