You Sure About That, Slick?

Both Chipotle and Tesla, respectively on their daily charts, below, are green after earnings this week, a point celebrated by bulls as illustrating that their prior multi-month downtrends had priced in all bad news for now. 

However, the bounces are objectively not impressive thus far.

Both CMG and TSLA remain in firm downtrends, with price below declining 50-day and 200-day moving averages. If anything, these names are likely burning earnings options trades this week to the ground before the downtrends resume. 

On that note, with GOOGL earnings this evening we are getting into the cream of the crop earnings slate over the next few weeks, be it AAPL AMZN META MSFT NVDA in due time. Alphabet has indeed taken a large percentage hit off its February highs. But I would be on the lookout for another seemingly "bullish" rally after earnings which ultimately does not heal the chart's bearish technicals. 

Elsewhere, I want to reiterate my view that it is highly unlikely gold is at a major top. Perhaps if the crypto mania had not taken hold over the last many years we could have seen a truly gold bubble. But I doubt it, even in that case. The fact remains that retail and fund managers alike remain woefully underweight gold, both physical and paper, metals and miners.