Today we want to highlight a concerning development in the Nifty Realty sector and what it means for our approach to its components.
[Chart(s) of The Week] Was That All Foreign Equities Could Muster?
From the desk of Tom Bruni @BruniCharting
Since late August when interest rates around the globe began their counter-trend rally we’ve begun to see some outperformance from international equities…leading to headlines like this.
So, is the trend in international underperformance finally over?
Let’s take a look.
[Chart of The Week] Nifty Media Confirms Failed Breakdown
Over the last few weeks, we’ve talked about potential long-term bottoms in weaker sectors like Nifty PSU Banks, Pharma, among others.
Today we’re taking a look at the Nifty Media Index as it confirms a failed breakdown that could serve as the catalyst for a new move higher.
Video: Why CFTC Data Keeps Us Selling Gold
In this Episode of Allstarcharts Weekly, Steve and I talk about why we want to keep selling gold and buy stocks instead. This trade is working and we don’t want to fight it. This has been our base case for months, as you can see here. One of the things that we want to incorporate into our study of price is the positioning of Commercial Hedgers and Speculators, which is published weekly by the CFTC in the Commitment of Traders Report.
In this video I explain how we use this data, why we care, and when to pay attention!
[Read more…]
Providing Opportunity In Healthcare
From the desk of Tom Bruni @BruniCharting
Tuesday’s Mystery Chart had a lot of people talking and guessing (incorrectly, as usual), so thank you all for your feedback and participation.
Overall the feedback was the chart was a longer-term buy, but people had concerns about how far it’s run in the near-term.
With that as our backdrop, let’s get into it.
[Chart(s) of The Week] A Pharmaceuticals Comeback Story
In September we wrote about the Pharmaceuticals sector and its inability to gain traction due to relentless weakness in many components, particularly its largest component, Sun Pharmaceuticals.
Over the last two months the sector is basically flat, but several signs have emerged to suggest that we’re potentially at a major inflection point.
With that as our backdrop, let’s get into the charts. [Read more…]
[Premium] The Pharma Stocks We’re Buying
This week’s Chart of The Week outlined a compelling case for the Pharmaceutical sector to bottom at current levels, so this post is going to outline the stocks we want to be buying to capitalize on this potential inflection point.
Why We’re Buying Stocks & Selling Rocks
Let’s take a step back and talk about what a huge waste of money I think it is to own gold. It’s not just that I don’t think it goes up in value, it’s more about what else we could be doing with that money. It’s the opportunity cost here that I believe burns the hole in your pocket. Will our money be treated better in rocks or in stocks? I still think it’s in stocks.
In early October, I put out a note reiterating why we wanted to be selling gold. This is after over a year of a bullish approach towards the yellow metal. So to be clear, I am not a gold bug or a gold hater. The truth is that I couldn’t care less whether gold doubles in price or gets cut in half. It’s not my problem. For me, Gold is just another asset in a humongous world of many assets. If you think it’s anything more than that, I believe you’ve already lost.
As a reminder, a big reason why we were so bullish of Gold throughout the 4th quarter last year and beyond was because Commercial Hedgers had on their largest net long position in history. Commercial hedgers in Gold actually hedge. So the fact that they were net long was a huge tell. This, coupled with the fact that I was incredibly bearish of stocks at the time, made Gold one of our favorite long positions.
Today, the exact opposite is true. I’ve been one of the more vocal stock market bulls throughout the Fall. Commercial Hedgers built their largest net short position in gold of all time, AND Gold hit our upside objectives. There is no, and has been no, reason to own rocks this Fall.
Here is the brick wall that Gold ran into, which was former support back in 2011-2012 before breaking down in 2013. The Principle of Polarity is one of the most important concepts, not just in technical analysis but, in understanding market behavior period. [Read more…]
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