Trading from vacation this week, but the charts don't take days off. Everyone spent the weekend screaming "oil glut," so naturally I'm looking at a near-term long. I walk through crude's gap fill and the $79 target where a pivot low and the 23.6% Fib line up, then zoom out to River Theory and why oil still heads for the $50s longer term.
I also cover the SK Hynix $29 billion ADR listing and why that flood of new supply is a headwind for Micron and Sandisk, gold and silver at the scene of the crime, the GDX trend-line breakdown and my accumulation zone down at $54 to $58, and the cup and handle coiling on natural gas.
Longer term I'm still very bullish gold and the miners. Near term, the picture is mixed, and I'll give it to you straight.
Video Length: 00:15:07
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