Wealth Creation Through Natural Resources
We have not made it a secret that we have interpreted the recent volatile, high volume trading range in the gold miners (GDX) to be a bearish prelude to a summer correction. After more than doubling from the all-time low made … Continued
Since first surmounting the 2100 level in early 2015 the S&P 500 has peaked above 2100 on six different occasions (including last month) and in the process churned a tremendous amount of volume during consolidations just below these peaks: … Continued
The US Dollar Index is rallying above 94.50 this morning following a very strong retail sales report. The US dollar has formed a V-bottom since briefly falling below 92 earlier in this month – a major test near the ~95 … Continued
The average rate of interest on 30-year fixed rate mortgages in the U.S. is down to levels we haven’t seen since early 2013: The roughly 40 basis point drop in average mortgage rates since the beginning of the year … Continued
Legendary hedge fund manager Stan Druckenmiller gave a presentation at the Ira Sohn Conference last week entitled “The Endgame”. It has been a while since an investment presentation had such an impact upon me so I decided to highlight some … Continued
Commercial speculators have amassed a more than $38 billion net notional short position in gold futures which is the largest short position by the commercials since September 2012: While the $38 billion short position is impressive it is still … Continued
The following graphic from RBC is especially interesting because it illustrates that physical gold demand declined significantly during the 1st quarter of 2016 despite strong price performance (up ~15%) from the yellow metal: This data also gibes with futures … Continued
We have not made it a secret that we have been stalking silica sands producer, SLCA, as a breakout stock for several weeks. After bumping its head up against resistance in the $23s, SLCA is finally breaking out on thick … Continued
A post from Dr. Brett Steenbarger this morning reaffirmed some things that I was already thinking regarding where we may be at in the market cycle. The following excerpt is elegant and insightful: “….the psychological dynamics of market tops … Continued
After a multi-week digestion within a ~10% range the gold miners (GDX) broke out on Friday: GDX (Daily) Breakout above $21 targets measured move to $23. While the breakout is impressive in and of itself in terms of … Continued