Monday, March 27, 2017

Quick market comment

Well, it's a really stupid market when people sell off US stocks and the US dollar just because twenty million Americans haven't had their health coverage revoked.

But at least it means $USD is dropping, which means gold is back up to $1257 or so at this moment, which means gold is very close to printing a higher high ($1266 or so is a breakout), which means gold miners are still a good play.

GDX needs to get above $23.50 and stay there, because right now it's still below its SMA(50) and that makes it look bad compared to gold. If it doesn't get above that, then maybe this is just a double top in gold.

With that in mind, this action still doesn't look good for GDX and gold. But then again, everyone else is thinking the same thing. We'll just have to wait and see which way the boat tips.

As for Obamacare - I find it funny that the Republicunts voted to repeal it more than 50 times while they were in opposition, but now that they're in power and they have to explain themselves to their constituents, they've suddenly lost that hating feeling.

I guess that's what happens when you take a few hundred ignorant blowhards and put them in a position where they have to actually accomplish something, eh?

1 comment:

  1. Couple from Josh Brown:

    Of course the above was written before he actually "blew it", not that I think pulling the healthcare rug out from under millions of folks would constitute some sort of accomplishment.

    Did Rupert Murdoch send the code red? LOL.

    The funniest quote I heard all weekend was on a Sunday talker, where they asked yet another WSJ reporter if Trump wanting Ryan out as House Speaker meant Ryan was in trouble to which the reply was, "I don't think so because no one else in Washington is eager to become Henry the VIII's next wife."