25May3:41 pmEST

I Proclaim This, "The Summer of Gold!"

If you have never traded through the typical summer doldrums in markets, we are getting a pretty good example of them today. With the exception of meme stocks acting strongly, like AMC and GME, and a few others like AHT, most of the price action has been what can best be described as soggy. Although it can certainly be argued this sort of grinding action is necessary and, ultimately, healthy in order to sustain a fresh uptrend later this year, as far as the here and now is concerned it is crucial for traders to guard against going on tilt and trying too hard to force the action. 

A literal bright spot, of course, continues to be gold. The GLD ETF remains my largest trading long position and has been for a while now, as gold continues to distinguish itself from the volatile crypto markets with its cool-as-a-cucumber rally and hold (thus far) above its 200-day moving average. 

Headed into the summer months, I find it laughable to declare that gold and miners are anywhere close to being a crowded trade, let alone a popular one--I suspect tons of capital continues to beg mercifully for multi-week rallies in growth stocks and crypto to get a plethora of speculators back to even.

As the Dollar remains weak and rates consider dipping, it can be argued that gold is in the proverbial sweet spot to continue higher. In other words, nothing has changed since this May 6th call, other than the yellow metal steadily moving higher to little fanfare. 

Remarkable Work At Sea MEMEorial Week of Trading Be...

 
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