Gut feel is an epic tank today $SPY randomly one candle slips and sets it off and stays heavy all day.
Happy to be wrong -- outlined my key areas for to see it prove but, this is like the 4-5-6-7th time in a row epic tank and followed by epic gap and squeeze like nothing happened.
When do we get the double rug pull?
Okay to have opinion but, need confirmation of price. But may be a day to have an imagination IF proven right.
$744-744.50 been soaker $SPY
$1110 key for later $MU
$2140 $SNDK etc.
Won't force thesis to be right, but ready to attack if proven right.
What are your thoughts?
Feels like Trump trying to hard to keep a bid in the market today -- too many Truth post too many headlines. He's nervous the market may downtick. Trying to force it to keep bid. Last hour should produce if tape stays heavy and doesn't immediately get a swipe/headline as soon as it's about to break down.
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BANK OF AMERICA: “GOLD $5,000, SILVER $65 — STAGFLATION RISK”
BofA raised its precious metals price targets, now forecasting gold at $5,000/oz and silver at $65/oz, citing stagflation as the main concern.
ETF gold purchases surged 880% YoY in September to a record $14B, and gold investment now exceeds 5% of global equity and bond markets.
BofA sees gold potentially hitting $5,000/oz within 12–18 months but expects short-term consolidation.
Key drivers:
❖ Persistent U.S. fiscal deficit
❖ Inflation from deglobalization
❖ Concerns over Fed independence
❖ Geopolitical tensions driving safe-haven demand
Risks to watch:
❖ Supreme Court ruling on Trump tariffs
❖ Hawkish Fed shift if data improves
❖ U.S. midterm election outcomes
In 2008 oil traded up to 147 and closed the year in the low 30's... In 2020 we briefly saw oil trade negative....We have seen wild extremes in Lumber, Cocoa, Natural gas and many other commodities.
Last week gold was trading in extreme overbought territory and I played for a correction. I do not expect gold to crash like many other commodities have done after a big run-up, but if you are trading commodities please remember they are extremely volatile and tend to make outlier moves to both the upside and the downside.
Silver's deviation from the 200-day SMA is the largest in almost 50 years.
A sign of how extended this move has become.
Yet another reason to be cautious here. ⚠️