Market Thoughts

5:52 pm PST. YM closed above the pivot last Friday, which I had mentioned would give it a shot a new highs. Post close I had just enough time to exit out some GDXJ and switch into UDOW. Wish I had bought more UDOW and sold more GDXJ.

The only reason that I kept some mining stock exposure, even though we had a very bullish looking close, was how SI closed. SI closed just above the pivot and continues to rest right on top of it now. However, with traders loving equities, commodities will probably move to the back burner and get sold.

The Dow probably will continue higher until May, when it becomes as the saying goes “sell in May and go away” for the summer break.

si

As long as silver remains above the pivot, I have to stay somewhat bullish. Even though gold is trading below its pivot. If SI breaks down below, all bets are off.

wpm

WPM likely did an ending move and has to do a fibo retrace now. I do believe it has started a new bull market and will simply need to do a Wave 2 and higher low before moving in an even longer and more prolonged bull run.

sLongerym

The YM gapped higher this afternoon and above the next pivot 26120 means more upside to come. Staying long UDOW.

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