Good morning friends..Well Mr. Market as I wrote yesterday takes no prisoners. What alarmed me as I wrote yesterday after the 800 point debacle Tuesday was the surge in bullish positions near the end of the decline! That told me watch out Thursday! And, we're down another 500 as I write..looking at SENTIMENT, we finally see a raft of shorts coming in (put buyers) and probably enough to mount a rally off that 24,500 level that I called a buy last time, and we rallied a quick 1200 points. I am not calling it here as the numbers were super bullish....not yet this time. We'll rally here..just not worth buying.
We sold entirely in September at 26,500. And we advocated an overloading in the precious metals, like Russia, china, Turkey, Iran and yes, JP MORGAN is doing.
Funny all you hear is "rates are going up" and so is the dollar. Statman takes the contrarian view. Rates are NOT going up much. The dollar will and is in decline. Trump is desperate and obsessed with China and winning! This is a HUGE mistake. Furthermore, the US despite what Mr. Kudlow tells you is teetering on recession. And as housing goes so goes the economy. Have you heard the housing numbers?
Oh yes...gold is up another 6.50 with silver lagging today. We're just warming up. I felt we'd see 1350-1400 gold this year. I doubt it, but let's for the record call for 1500 gold in '19. Going forward we'll easily take out the 1900 former top. Silver is dramatically undervalued and that is your best buy. Again, the dollar will be beaten down. To me it has been a no-brainer.
Have a great rest of the day. We'll comment next on BTC and at what point will fear really show up? the "sheeple" continue to disbelieve that STEEM is really .30 and down about 98 percent from its high. We have kept a few of you out of harm's way. I'm sorry I was not able to convince more to stay away from these markets at prices dramatically higher. I believe BTC's day is coming again. I'm not comfortable with 73-27 bulls/bears (IG LONDON client sentiment) calling a buy here.
Please do your own 'due diligence'.
