Professor’s Comments July 1, 2019
Posted by OMS at July 1st, 2019
Based on pre-market futures data, the market timing signal for Russell 2k will turn Positive.
So the Model Portfolio will be selling its shares of TWM at or near the open.
During the weekend, the President Trump said that the trade talks with China went ‘far better than expected’ which is causing the futures to rally thus morning. Given that Wave ‘C’ up is underway, I don’t want to stand in the way of this potential train. My target for the Dow remains near to slightly above the 27,000 level, with 27,200 possible.
Gold and most mining stocks are being hit hard this morning as fears of a trade war fade.
For the past few weeks, I have been waiting for gold (GLD) to pull back to the 129-130 level and this morning the ETF is trading near 131+. In other words, it’s getting close to my Buy Zone. If the market continues to rally, it’s likely gold and mining stocks will not be in the limelight, and continue their pullback. But just because the shine is off the metal during this wave 2 pullback, we shouldn’t forget about them.
I’m just watching and waiting for a Buy Signal.
h
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