Industrial metals are firmly bid while structurally lagging precious metals. Thank you, Captain Obvious?
06.03.2026 15:34
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Industrial metals are firmly bid while structurally lagging precious metals. Thank you, Captain Obvious?
Non-headline issues bear watching.
Keeping a loose eye on homebuilders.
Case damaged.
Bye bye $FXI
"Hubris is one of the great renewable resources." –P. J. O'Rourke
Pro-tip: Tracker ETFs such as USO, UUP, and the like don’t properly define support & resistance. These funds are designed to track daily price movements but drift over time. It pays to reference the underlying index when trading tracker ETFs.
Geek note: They peaked simultaneously on January 21, 1980.
Gold and silver don't always pivot in tandem. H/t @alphacharts
Mid-week humor
The Definitive Guide to Point and Figure by Jeremy du Plessis is best, in my opinion, but here's a basic tutorial from StockCharts. chartschool.stockcharts.com/table-of-con...
mitigate
2/ Gold/SPX remains similarly constructive at 3% scale. Comment: I tend to slow things down in volatile markets, risking greater cost to mitigating whipsaw. Never a layup, is it?
1/ Gold remains constructive at 3% scale, my minimum increment for trend following. Note: Using IAU for illustration due to GLD bad print on Feb 26th.
Today's support lies near 78 by this reckoning, if I understand correctly.
News-driven markets be like...
Overtrading be like...
No shortage of geopolitical experts online this morning.
Watching XLF for breakdown or reversal. Private equity is the PE that matters.
"The best forecast is no forecast." –Dean LeBaron
Markets alternates between range expansion and range contraction. Resolution of current SPX sideways should provide the next directional clue.
On the road since Friday morning. Has anything happened? 🤪
Back to the drawing board. $NVDA
Charts don’t give answers, they raise questions. Inferences are drawn when enough questions point in the same direction.
Mag-7 failure to fail?
Breakout or fake out? $SOXX
"Prefer by far the weekly bar." –Max Signal
Support lies near 60k from this vantage. H/t @badcharts1
H/t @MebFaber
Mid-week humor