Where It’s At With Oil, Gold And SPX ETFs
Tim Knight | Jan 07, 2018 12:53AM ET
Just a trio of charts with a few words on each. Oil (via United States Oil (NYSE:USO)) has had a tremendous rise for half a year; I think crude could get as high as $67 or so, but it seems to me it’s time for a temporary breather and small retrace.
Gold (via SPDR Gold Shares (NYSE:GLD)) simply can’t seem to make up its mind. As prices march toward that apex, it needs to resolve one way or another. Gold’s volatility is started to resemble the VIX.
The broad market in general is at Trumpian loftiness. This is the S&P 500 ultra-leverage ProShares UltraPro S&P 500 ETF (NYSE:UPRO) below, and as the long-term trendlines indicator it is – – in sharp contrast to what they were saying on CNBC yesterday – – “cheap” (and, yes, they said it was CHEAP, ladies and gentlemen.)
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