The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out) which I published for members and 12631 subscribers this past Sunday.
Precious metals and their miners, not to mention base metals and miners, perhaps even crude oil, continued to get pounded last week, rendering any bullish theses in these Strategy Sessions to be flat-out wrong.
Headed into this week, the resurgent U.S. Dollar likely holds the key as to whether a snapback rally in the above commodities and miners will be able to materialize. The squeeze higher in the Dollar has been ferocious and smacks of major market players being caught out of position.
Should the Dollar rally persist, and effectively “go parabolic” as it breaks the steep rising channel (light blue lines, below, on the Dollar ETF daily chart), traders should stand aside from commodities and wait for subsequent Dollar weakness which sticks before probing any long metals and miners plays.
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Got rid of some positions and raised cash this morning.
With coffee in beast mode this morning I’m thinking your thesis was spot on in reference to possible shorts
Good work, Danny. See how it plays out into the afternoon.