• 391 days Could Crypto Overtake Traditional Investment?
  • 396 days Americans Still Quitting Jobs At Record Pace
  • 398 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 401 days Is The Dollar Too Strong?
  • 401 days Big Tech Disappoints Investors on Earnings Calls
  • 402 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 404 days China Is Quietly Trying To Distance Itself From Russia
  • 404 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 408 days Crypto Investors Won Big In 2021
  • 408 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 409 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 411 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 412 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 415 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 416 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 416 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 418 days Are NFTs About To Take Over Gaming?
  • 419 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 422 days What’s Causing Inflation In The United States?
  • 423 days Intel Joins Russian Exodus as Chip Shortage Digs In
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

Stock Market, Miners Update

Last week was one of our best profit weeks since March. We caught the short in the stock market from June 15 into the 16th and the GDX short into Friday where we went to all cash. Originally, my thinking was that we would see a June 17th bottom in the stock market, but perhaps as late as July 5th. Now I'm fairly certain that date is July 5th. My SPX target is now into the low 1910's for July 5th.

The miners look to make an important bottom on June 20th while the stock market counter trend rallies. I thought when I was making these charts that perhaps the stock market would gap down and GDX gap up Monday giving me a chance to go long and short each respectively. The futures are not complying as I write this.

My strategy is to wait for the stock market to make its move to perhaps as high as 2096 SPX Monday and short it into the end of the week looking for the SPX 1980/90's. GDX has an important low due on June 20th, but will likely remain subdued until at least June 23rd where a wave 2 low could launch a huge 3rd wave rally into or near June 28. Basically, I'm bearish the stock market and bullish the precious metals complex until July 5th.

SPX Daily Chart
Larger Image

GDX 30-Minute Chart
Larger Image

 


Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info

 

Back to homepage

Leave a comment

Leave a comment