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Parallel Lines: Real Estate, Precious Metals And The Dow

Published 07/17/2018, 11:51 AM
Updated 07/09/2023, 06:31 AM

Well, that didn’t take long. As of this writing, the entire Netflix (NASDAQ:NFLX)-inspired pounding on the NASDAQ has been repaired.

NASDAQ

Catching up on a few other items, I just love the action in real estate, where the triple-leveraged ETF DRN created a symmetric triangle with an apex which was an attractant (and then a repellent) to an enormous rebound.

Direxion Daily Real Estate Bull 3X Shares

I haven’t bothered with precious metals in a long while, but I’ve got to say, after that long-term uptrend was broken, this poor critter has just been wheezing its way lower. Cryptos, incredibly, have remained a far, far better source of strength than precious metals, which back in the day were the go-to safety trade for worrywarts.

SPDR Gold Shares

I actually find the DIA chart to be the most interesting, with resistance at 250.75. We are gently turning away from that now, but we need to get deeper into earnings season to find out if this bull market has any lease on life or whether we’ll see some meaningful weakness in the next two weeks.

SPDR Dow Jones Industrial Average

Latest comments

There is always an angel looking over ones wings when there is money to be made by the angel.
Who is really behind all this? This is not normal market behaviour. Smells very mani pul ated
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