Randy, Thank you. Good luck with your recovery.

Correction: I meant to refer to Tuesday’s gap, not today’s, as the likely stopping point for the bounce off today’s low (380-374ish)

Much appreciated!

My plan is to sit tight on my precious metal positions for the foreseeable future as the charts remain very constructive. /GC starting to poke above 1840 so maybe a reaction here if this proves to be a slight overshoot but I wouldn’t be surprised to see it continue to run right past 1840. Silver looking good too for now.

Well… not exactly, at least depending on how you define near-term. So far we had a minor bounce off support & could bounce a little more but what I’m thinking is that we’ll get a failure-to-launch off these supports/divergent lows with the rally getting sold into just as it starts to look as if the bulls made a successful defense. Hard to say just how much upside in the near-term but my guess is that the rally off this mornings low, as small as it was, was IT and the indexes will soon go on to take out the recent lows.

That’s a “micro-call” for sure & I’m fine with seeing another leg up but suspect that, at most, the rally will end at one of the nearby resistance levels such as the bottom or top of today’s gap (so far, the bottom of the gap has contained the bounce). So yes, very near-term as in hours but probably not much more than a day or two & then the next leg down would be my preferred scenario.

That is what I thought. Up near term
. Down longer. It was a funny. Glad you are ok. Stay. Healthy and well all terms.

Thanks. Most likely Omicron this time around & my wife is almost back to normal (her symptoms started on Friday, peaking on Sat). My symptoms started Monday night (sore throat, then mild flu-like symptoms yesterday & today) but much more tolerable than last time & they seem to be abating so far today. Thanks again. Feels good knowing I’ll have some more natural antibodies.

I spent nearly 30-minutes trying to be as clear as I possibly could. YES, we can bounce here as the market is at key support with bullish divergences. YES, the market could also break that support & fall sharply afterward. I gave my thoughts as to which scenario I think is most likely but if you want a guarantee as to which direction the next 5-10%+ in the market will be from here or someone that will tell you the market will most definitely do this or that, then this is the wrong service for you.

All I can say is that it appears the market is at a critical technical level & the next tradable (5-10%+ trend) will likely depend on whether holds or breaks this support. As such, those expecting this support to hold with a rally to come can go long here with stops somewhat below while those expecting another leg down can wait for a break of the support to initiate or add to short positions.