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Zzzzzzz...
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Today was about as boring as it gets. In fact, the only blip of any action was a brief swing in prices late in the afternoon on the back of a headline about the State Department recalling some embassy employees and family members in the Gulf area that was briefly assumed to be an indication of hostilities renewing against Iran.
Predictably, the kneejerk was to pop crude, the dollar, and yields, which in turn weighed only slightly on the S&Ps but sent gold and silver tumbling to new lows for the day.
It turned out that this was for Saudi only, and on that clarification everything V'd out and reversed the entire move. That was about it.
The GDX closed below its 5 dma for a second day in a row, and gold ended below its 5 dma for a 3rd day in a row. Only silver managed to stay above it for a second session.
We still seem to be marking time in the metals complex waiting for the dollar and yields to continue to come in. If they don't come in, we're going lower.
My gold model remained at neutral.
I made no changes to my positions.
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While
I cannot provide personalized investment advice or recommendations,
I welcome feedback and observations. You can email
me at Lance Lewis. For all website and subscription related questions, please email DMS Support
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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
columns are published. The views and opinions expressed in Mr. Lewis'
columns are not intended to constitute a description of the securities
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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