Loading ...I looked at some charts of the miners and they are some of the most non-sensical looking things I’ve ever seen. All of them down now for the 5th day in a row after having a huge up day. So unbelievably abnormal.
Then I looked at the Diamonds DIA and the QQQ’s. Tale of two markets. What I didn’t know was that the DIA had been down 9 straight days prior to today. and it is making a perfect bounce off the 50 dma – should be a set-up for a nice XMAS rally there. The QQQ’s have just grinded higher and are well above the 50 dma.
So, what’s the point? I have no idea, but I do think there’s an outside chance that the DIA rallies into year end and the dollar eases after making a double top here. Either that, or the DIA falls through the floor and the dollar breaks out bigly.
But, the dollar pulling back would square with Maddog’s wave count on the 10 yr. and rates coming back in. Dare I say it, pm’s also get a little XMAS rally, before resuming their downtrend at the beginning of the New Year.
Sort of contrarian, but stranger things have happened.