The answer to that question is actually more simple than most think:: The stock market is in a near-term uptrend & has been since the April 7th low. Not a “maybe” or ” in my opinion” uptrend but rather one that is indisputable via a clear pattern of higher lows & higher highs (best viewed on the intraday charts).

Remember back to just 1-2 months ago when any & all rallies where getting aggressively sold. This is exactly that but in reverse & with increasingly smaller & increasingly less vigorous rallies (hence, the negative divergence on the momentum indicators) as the vigor of the dip buying continues to wane.

As we punched into the lower quadrant of my bounce target zone on QQQ and are now back to the bottom of it, the odds continue to increase that the counter-trend rally off the April 7th lows has either already fully run its course or the upside will be increasingly limited with each tick higher into the bounce target zone (with the other outcome being that my near-to-intermediate-term outlook is just plain wrong & the stock market is headed to new ATH’s this year).

No apologies needed. I’m always glad to provide updates no matter how frequently. Just wanted to point out that I have been & continue to closely monitor (and update) the metals & miners for the foreseeable future. Again, don’t ever hesitate to bump me for an update on anything.

Good luck. The buy the dippers are still out there.
They been making tons of money for the past 2 1/2 years.

I have a 5575 50W Call Butterfly option I bought this morning for $435 and it’s now at $1000! If we crawl up to 5575 at the close I’ll profit $4600! 10.5 to 1 risk to reward :-) … so yep, I’m bullish for the rest of the month! LOL

Would love anyone to help me understand why these aggressive “buy the dip” moves are happening these past few weeks. @randy do you have a hunch on any possible reasons? I’ll be honest, I’m simply lost as today I would think bulls would have to sell their longs with a drop like that.

Anybody else think we’re going to end up positive on the day ?

I’ll even up the ante. There’s a decent chance that TSLA will be a $100 stock within the next 1-2 yrs. That means it would lose another 66% (2/3rd) of it current value or a total drop of 80% from its 2024 ATH.

T6 on my daily chart and those “short-term” swing targets on my 60-minute chart are merely speed bumps on the road to ~100 although if the charts set up as I suspect at the time, we could get a very nice tradable rally if/when T6 on the daily chart is hit. Here’s my monthly chart with my longest term targets & key levels to watch/trade. (weekly chart)