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Tuesday, August 10, 2021

Market Update 8/10/21 - Oil rally continues, Natural Gas, Biotech, Gold

 Saw a little Monday morning shakeout in oil, and while the hysterical lame stream media was talking about how much oil was down, I was on Twitter calling this slight pullback a "strong buy"

 $WTIC  Think Texas Crude can't trade back to $100?

Natural Gas 

$UNG (natural gas fund) Trend remains up. Lower trend line in black. 

Biotech is on Fire - up another 2.59% yesterday, and retesting the January highs.  

Could go slightly higher, but I'm looking for a big pullback there, and a sector rotation, into something else. This is what they do: They pump one sector, then they dump it, and pump something else. It gives the illusion of a bull market, because the broader market keeps making new "all time highs". 

I got short yesterday, but watch the 178 level on the $IBB, if you're looking for short entry 

Here's one to watch! 
Eli Lilly - pumped on poor earnings by none other than Jim Cramer himself! 

Last week I watched as Cramer told folks not to buy Fastly, right at technical support. Never take advice from a fool! 


Opening bell rings in moments. Gotta go. There's a gold chart in the public charts area. Find the link in the side menu. 

Good luck, AA 

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