It sure looks like the weakness in the U.S. Dollar today is giving precious metals and miners a shot at bouncing back yesterday’s apparently rollover. And, yet, even if this is a bottom for the metals and miners you can expect sharp shakeouts like yesterday.
I am keying off the UUP, Dollar ETF daily chart, below, to see if it loses $23.23 to the downside (just below).
If it does, I suspect metals and miners can sustain another move higher.
Also note top shelf miners like RGLD SLW are acting quite well today–Perhaps even like leaders.
any opinion about the dollar/yen? a sign of risk change?
Initial move over 116 failed. Downside follow-through the rest of this week would be a change in character.
chess, is it true ?
Are you gone ???
What’s going on? Chess just sent out a tweet to his new website. Did he leave ibankcoin?
I’m sure we’ll find out all in good time.
Having sat on a largish cash allocation for much of this year myself, you saved me from a couple of large drawdowns this year, and also made it possible for me to sleep at night. Thanks, Chess, for teaching me that cash can be a position too.
To expand on that point, during my somewhat extended vacation from active participation in the markets, I’ve become very appreciative of the effort required to stay focused on trading when one has little value at risk. Even when he was at 100% cash, Chess consistently delivered commentary both in the Pelican room and here, intraday and after hours. Thanks, Chess, for all your work you did here, and best wishes going forward.
Is it really Chequematte(sic) for chess?
Yes, sadly I am in a cash position as well. Not much of a return, yet at the same time, cannot have capital depreciation, ignoring inflation.
Hey chessnwine fan of your video recaps here. Just wondering why there haven’t been any updates lately. Are you on vacation?