Parallel Lines: Real Estate, Precious Metals And The Dow
Tim Knight | Jul 17, 2018 11:51AM ET
Well, that didn’t take long. As of this writing, the entire Netflix (NASDAQ:NFLX)-inspired pounding on the NASDAQ has been repaired.
Catching up on a few other items, I just love the action in real estate, where the triple-leveraged ETF DRN created a symmetric triangle with an apex which was an attractant (and then a repellent) to an enormous rebound.
I haven’t bothered with precious metals in a long while, but I’ve got to say, after that long-term uptrend was broken, this poor critter has just been wheezing its way lower. Cryptos, incredibly, have remained a far, far better source of strength than precious metals, which back in the day were the go-to safety trade for worrywarts.
I actually find the DIA chart to be the most interesting, with resistance at 250.75. We are gently turning away from that now, but we need to get deeper into earnings season to find out if this bull market has any lease on life or whether we’ll see some meaningful weakness in the next two weeks.
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