Whenever In Doubt, Zoom Out

Uptrend, consolidation, breakout, uptrend, consolidation, breakout, uptrend, consolidation....

By my work, breakout and uptrend come next.

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Now let's move on to Uranium.

What do you see? I see a half-decade+ long base. The bigger the base the higher in space, is how I learned it.

This is the Uranium Index Fund $URA up above.

Its largest component is Cameco, representing over 23% of the entire fund.

With $CCJ making new 10+ year highs, we want to be buyers.

If $CCJ is above 26 we want to be long with a target near 44.

But we can only arrive at these targets and risk management levels if we zoom out.

If we don't, then as investors, we can't do our jobs properly.

How about in Gold - Are you watching Gold making new all-time highs in yen terms?

The ongoing joke internally is that anything priced in Japanese Yen is going to look good.

But even when you look at Gold pried in US Dollars, you can't be mad at it.

If Gold is above its 2011 highs, we need to own it.

Meanwhile, look how Gold Miners outperform every time they get down to these levels relative to US Stocks:

On an absolute basis, Gold Miners held all that former resistance since 2013. That was an impressive save.

A retest of the mid-40s is likely next with our ultimate target back up towards those former all-time highs in $GDX up above 64:

What do you think?

What are we missing here?

Let us know!

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JC