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Tricky Tricky...
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I had a meeting run late, so I need to make this quick...
Stocks drifted higher again and were a yawn. Meanwhile, the dollar tanked, with the DXY making a new 52-week low.
Gold and silver and the GDX all rebounded from yesterday's intraday reversals, but only gold made a new high. The risk of a reversal and a correction is still there in my mind, but obviously what happens tomorrow is now very important. With gold, silver, and GDX all still above their 5 dma, the bulls are still statistically in charge.
The FOMC should be a yawn, and only the presser might matter in terms of guidance. And then we are waiting on Trump's Fed chair announcement.
My gold model remained on a Trifecta SELL for a 4th day.
Positions: I made no changes to my equity shorts. I added GDXD and GDX 99 puts for Friday as well as SLV 80 puts for Friday and SLV 85 puts for tomorrow. I also added GLD 440 puts for tomorrow and remain long the 435s.
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While
I cannot provide personalized investment advice or recommendations,
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Disclaimer: Lance
Lewis periodically publishes columns expressing his personal views
regarding particular securities, securities market conditions, and
personal and institutional investing in general, as well as related
subjects.
Mr. Lewis is the president of Lewis Capital, which is a registered
investment advisory firm in Dallas, Texas. The firm regularly buys,
sells, or holds securities that are the subject of Mr. Lewis’
columns, or options with respect to those securities, and regularly
holds positions in such securities or options as of the date those
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bought, sold, or held by the firm in its capacity as an advisor.
The views and opinions expressed in Mr. Lewis' columns are also
not an indication of any intention to buy, sell, or hold any security
on behalf of the advisor’s clients, and investment decisions
made on behalf of clients may change at any time and for any reason.
Mr. Lewis' columns are not intended to constitute investment advice
or a recommendation to buy, sell, or hold any security.
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