Fox Business: Precious Metals and J.C. Penney

This week the good folks at Fox Business asked me to come on and follow up on some of my recent commentary on precious metals and shares of JC Penney. I think it pays to listen to price. When JCP failed to break out of what appeared to be a bullish consolidation, that was the signal to sell. The stock dropped 20% after that. As far as metals go, I still hate them from a structural perspective, but short-term I think this bounce has some legs. The catalyst to keep this bounce going is the historic bullish sentiment in the US Dollar. As this sentiment unwinds and Dollars sell-off, we should see a little more strength in the Gold and Silvers of the world. But I think you fade the bounce.

I go over my levels in the segment:

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Tags: $SLV $GLD $JCP $SI_F $GC_F