Good Wednes. noon my friends here in the Northeast USA, soon to return to Florida's west coast.
Lots to write about: Let's start with silver (gold of course similar). We are most bullish on the white metal.
The chart above on the surge in yields and the chart below (consumer confidence) show two huge negatives for the'market' and will be positive for metals and Bitcoin (hopefully).
The dollar is going to tank. Russia has unloaded most of it's dollar type holdings and replace them with GOLD. China can't get enough and watch their next "anti-Trump trade war move". It will feature gold. JP MORGAN is loaded to the gills with silver like never before, and see the sentiment indicator. the best in 24 years. Commercials are long; very rare. REMEMBER: this is 3-6 months early.
See the consumer confidence chart: supper bullish! ALWAYS sell this! (buy when blood runs in the streets, sell when they sing.."happy days are here again" like the US 1920's.
I like September for the metals, but it is going to be a while and maybe a bit more "softness" before dramatically higher prices are attained. Ron Rosen again says NOV. BOTTOM! (none better than the legend.)
BITCOIN: Here's what's new! We have as I write 42 percent shorts and 58% long with the speculators...a huge improvement. Remember folks we've called EVERY move over 10 % since we posted here first in January. That's the sell in Jan..and every buy 6000 or less that resulted in a move up and called the sell at 8400 this summer. It's all there for the record. I see again worst case upper 5000's (if we pull back that far). I do feel Bitcoin will act somewhat like the metals and WHEN the dollar tanks. (it will.) So (yeah we know) patience please. Use dips to accumulate. SENTIMENT is now slowly going in our favor. Remember you rarely ever see the number 50-50. (chart below).
And finally the DOW: (26,450 up about 200 today)Not to boast but to educate some on the work here. We called Sell in Jan. at 26,500. And the BUY at about 24,500 in the spring. (see chart below).
We've called short term sells in between (on the money) only to reiterate "we are not finished!" likely new highs! SENTIMENT right now is NOT where it was in January..not quite THAT bearish. Folks, this is the 11th hour, or the ninth inning for you baseball fans. Put - call ratios are close to flashing sell, consumer confidence numbers flashing sell, seasonal flashing sell. I think we go ultimately a bit higher. Is it worth staying in when you can put money in the fire sale metals!! WE are going to have a decline fairly soon of large proportions. The trigger is one of many things but it will involve China (in my opinion.) and the trade war WE CAN'T win! Tariffs never in history work.
Again..the opinions above are mine! Please do your own 'due-diligence'. And again, thank you all for the support. I always appreciate comments!.