08/15/2016 Daily Commentary: Markets are wearing investors out, who can’t wait for a pull-back. Higher Highs on low Volume… Looks like the S&P 500 is about to complete Wave 5 up, since the bounce off the Green Line in late June. After Wave 5 up is complete, the S&P 500 should drop down to test Support around 2130.
Current Open Positions We bought XME and FCX today. We did not log RICE as it was already up 6% at the Close.
Money Wave Buys soon for AKS CLF X & Z We will email you when they are ready.
When the Market breadth is narrow like it is now (few new highs), either take quick gains from Money Wave Pops, or STAY IN CASH & WAIT for a larger correction.
So why has coal doubled since February?
Betting on Always Trump?
Or because huge Bear in Coal is about over…