Image Source: Pixabay
 

Lest there be any doubts as to how prolific I’ve been with palladium posts, just look here. More specifically, reference this one post from nine months ago in which I declared my fondness for PALL. Since that time, it has gone up over 50%. This morning is just adding fuel to the fire, as seen with the /PA futures.
 

For weeks now, this metal has been on a tear, frantically catching up with its much more popular siblings, gold and silver.
 

Viewed as a daily chart, the pattern is clear and clean, although for the love of all that is holy, can this thing EVER take a breather? I keep waiting for that July 18th moment in which the mega-rally backtracks for a few weeks to give folks a chance to get in again.
 

As for equities, as usual, everything is pretty much green, although not with quite the verve of metals (gold: lifetime high, silver: lifetime high, miners: lifetime high, etc.) The /NQ is up about half a percent, which I think it’s hitting some serious resistance just beneath the price levels preceding Friday’s shock event. In spite of the green indexes, over half my shorts are in the red this morning.
 

The metals mega-rally has got to take a break at some point, but I am sticking with the lesson I learned last week which is not to try to get in front of this beast. Just let it ride, since the global “debasement trade” has captured the public’s imagination.

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