Richard Russell continues to get the job done at age 91. Here he talks about Monday’s market gains.
Everything that I read regarding the US economy is bullish. The only newspaper that dares to publish bearish comments on the US economy is Investor’s Business Daily. The mass of comments about the US economy is so lopsided, it makes one wonder if supply and demand has given way to Fed manipulation. I find myself wondering whether the stock market still retains any forecasting ability.
But let’s face it: the stock market is all that we have to go on. As I write, one hour before the close, both Industrials and Transports are higher by triple digits. At the same time, the four averages that I follow closely remain above their even thousand numbers. Industrials are above 17,000, Transports are above 8,000, the Nasdaq is above 5,000 and the NYSE is above 10,000. These are intraday figures, but if they close this way, I will regard it as bullish.
Meanwhile, the world of precious metals has become interesting. Gold was higher by $14 earlier today. I am now bracing for the usual selling of precious metals in the afternoon. Silver appears to be leading the way, and as I write, silver is up 0.40 or 2.76% to 15.23. Gold has been trimmed back to plus 9.7 or 0.89% to 1103.8. If gold closes above 1100 I will consider it a triumph for the yellow metal. The gold miners, as in the case of gold, have awakened. GDX is up .87 to 14.27 and GDXJ is up 1.08 to 19.95. My thought is that the long and tedious correction in the precious metals is coming to an end.
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