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:
Click here for more information on Managed Assets
Click here for more information on our Premium Technical Research Packages
Tags: $SLV $GLD $JCP $SI_F $GC_F