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Folks,
Market Observations for the Week: The SPX, NDX and GDX continued higher on Monday. Remember, the Tuesday after a monthly option expiration is a turn day in our work, so let’s see what the bears can do today. The uptrend in the SPX and gold is still intact. Ideally, we are looking for at least a short-term high in the SPX in the 9/22-9/23 New Moon/solar eclipse Timing window but we need to see 5-waves down on the hourly chart for a SELL SIGNAL. The Option Premium Ratio gapped up from 0.49 to 0.70 after giving us a SELL SIGNAL on Friday. Gold made a new ATH at $3824 early Tuesday in the Monday/Tuesday’s turn window. Quarterly option expiration on Friday saw some euphoric moves in nuclear, quantum computing and large-cap gold mining stocks going into the 9/21 New Moon/solar eclipse which makes us cautious going into this week. Our short-term view is that the SPX and the GDX could make higher highs into Tuesday but then see a short-term correction. In the longer term, the GDX could test $90 by December, and silver could test its ATH at $50 by December. Our current investment positions are: 20% cash, 10% QQQ, 25% GDXJ/SILJ/REMX and 20% physical gold/silver/platinum. We have a 25% overall allocation to our short-term trading account which was last updated on Friday to include: 25% cash, 0% SLV, 25% GLD, 25% SILJ, and 25% BABA.
TURNING POINT DAY
We have a turn windows for this week in the 9/22-9/23 New Moon/solar eclipse Timing Window.
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