The technology sector was once again the top performing area of the market this week, this has been very frustrating as a commodities investor but I think this ends sooner rather than later. Alot of these type of stocks are extremely stretched and are due for large corrections.
One coming catalyst for tech to breakdown is that historically employment levels have lagged interest rate changes by 2 years, this is something to watch closely moving forward, and will be a big potential catalyst for the Precious Metals. Once this event starts to take shape the Fed will cut rates quickly.
Speaking of the Precious Metals, Silver bounced strongly at an important support level which had been a previous resistance point. As consolidation continues in both gold and silver, I see sentiment getting more and more bearish which is exactly what I want to see.
Another commodity that has caught my attention recently has been Copper, it’s been rising quickly with very little attention and has cleared alot of near term resistance, many of the mining related stocks haven’t moved much. There is some nice opportunities out there.
Newcore Gold was a recent pick in my report and the stock continues to be on fire, the stock has cleared all near term resistance as it continues to re-rate. The chart looks great and it has the story to match it.
One stock that was on my watchlist for the week was Condor Gold, technically there is alot to like here as the stock broke out of it’s base on high volume as gold itself consolidates. This may be worth more of a look here.
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