1. Gold and silver still going up. They’re strong gold have another good yesterday and is up today. Nick’s been waiting to get into gold. Silver has a lot of room to run. Futures are trading at 18.05. Next big resistance point is 23 and then 25. Once it gets going, it’s going to get interesting. The longer you have a base, the higher it can go.
2. Wild overnight session based upon Peter Navarro’s comments about pulling out of China trade deal. Futures trading lower, then walked back the comments. He doesn’t want to rattle the markets. Right now the admin doesn’t want to rattle the markets any further.
3. PFE flat but chart is good. Calls have been flat. Chart is still looking good, based upon the weekly chart. Charts follow their own clock, not Nick’s. Similar to BP and it’s on Nick’s list. Energy sectors have hit Nick’s watch list.
4. Still likes everything but more consolidation ahead, needs a bit more. Markets have been going sideways for the past two weeks. Nick doesn’t see a pullback right now, but you never when something comes out of the blue. Right now we’re holding trend, which has been choppy and will continue. Best case scenario we’re looking at a double top, no new market highs for the remainder of the year. 2021 will be another roller coaster ride. Need to get past the election.
5. Crude broke $40 and Nick thinks it could go higher still. Gasoline has gone up at the pumps, over $2. New estimate is $45. Best way to play it is to get into the stocks when the time is right.
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