The strength of gold and the weakness in the dollar continue to send (in my opinion) could be an ominous message about the future. I am not trying to be a fear monger but I do have to be a realist. At some point all this central bank action that is happening here and around the globe will catch up with and at some point printing money, extremely low or negative interest rates are not sustainable practices for healthy economies. Continue watching gold and the minerals and miners in particular. The XME had a very nice move yesterday and could get some nice follow through. The daily chart is HOT!!!
Oil was also strong yesterday on the news of a meeting next moth between OPEC and the rest of the worlds biggest suppliers to discuss an output freeze. The inventory report added fuel to that strength when we had a smaller than anticipated build in inventories. If oil continues to rise there is going to be a lot of fun action to be played in the energy sector. Don't forget about the RUSL it could also get some play.
Even though the IBB continues to look very weak yet we have had at least one runner in the sector every day this week. It looks like the streak will continue with VTAE which is already a big gapper so do not chase it but it could set up for a quick trading opportunity.
Submitted March 17, 2016 at 09:10AM by Vegastrader66 http://ift.tt/1TQW7Lx
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