As my loyal readers and followers know, I have been bullish gold and silver since 2018.
Oh sure, we have had some ups and downs, but since the March low, every dip has been a buying opportunity.
And my bullish stance in the metals was not always met with enthusiasm.
May bears out there thought the dollar would go up, the rates would not impact the bull move in metals and that the possibility of stagflation was a bit absurd given the metrics pointing towards deflation.
But we were unmoved, talking on every interview about how gold and silver would rise.
Then, the extraordinary happened.
Robinhood traders caught on.
Silver, also mentioned many times, has industrial use besides serving as a hedge against inflation and social unrest. (We are sure seeing a good share of that).
What I had not focused on was that one of silver’s industrial uses is in the making of solar panels-hello-clean energy!
Which, with the recent parabolic move in silver not only makes me and those who are long happy but got me thinking about the Robinhood traders and their attraction to socially conscious investing.
Now, love them or hate them, love or hate SCI, we are here to follow the path to money.
And what better example is there than Tesla (NASDAQ:TSLA) TSLA?
The earnings report showed improvement both on earnings per share and revenues. This should seal TSLA’s fate in joining the S&P 500.
And make the RH (NYSE:RH) traders very happy.
More importantly, even if you did nothing but sit long as we have in our NASDAQ All-Stars Model since $300, you do have to thank the Robinhood traders for helping TSLA trade to a price of over $1800.
S&P 500 (SPY) Welcome back SPY now on new multi-month highs. 320 support
Russell 2000 (IWM) 146 support 150 resistance-consolidating at the 200-DMA.
Dow (DIA) 270 pivotal
Nasdaq (QQQ) 262 support
KRE (Regional Banks) Back to an unconfirmed bearish phase-yo-yo. Inside day. 37.70 the 50-DMA
SMH (Semiconductors) 160 support 165 resistance
IYT (Transportation) 172.75 pivotal
IBB (Biotechnology) Did not confirm the bearish reversal top-why am I not surprised?
XRT (Retail) As mentioned, seeing money rotation here
Volatility Index (VXX) Did not confirm a bottom
Junk Bonds (JNK) Cleared the 50-week MA
LQD (iShs iBoxx High yield Bonds) Another new all-time high