{"id":2333621,"date":"2021-04-14T11:00:46","date_gmt":"2021-04-14T15:00:46","guid":{"rendered":"https:\/\/www.valuewalk.com\/?p=2333621"},"modified":"2021-04-14T12:56:26","modified_gmt":"2021-04-14T16:56:26","slug":"new-day-new-aths-with-gold-in-the-wings","status":"publish","type":"post","link":"https:\/\/www.valuewalk.com\/new-day-new-aths-with-gold-in-the-wings\/","title":{"rendered":"New Day, New ATHs with Gold in the Wings"},"content":{"rendered":"<p>S&amp;P 500 went up yet again yesterday, and the corporate credit markets\u2018 non-confirmation quite resolved itself. While the same can\u2018t be said about smallcaps or emerging markets in the least, <a href=\"https:\/\/www.valuewalk.com\/indexsp-inx\/\">S&amp;P 500<\/a> doesn\u2018t care, and keeps up the staircase rally without real corrections to speak of.<\/p>\n\n\t<!-- Begin Mailigen Signup Form -->\n\t<script type=\"text\/javascript\">\n\t\tif (typeof jQuery == 'undefined') {\n\t\t\tdocument.write('<scr' + 'ipt type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/jquery.js\"><\/scr' + 'ipt>');\n\t\t}\n\t<\/script>\n\t<script language=\"javascript\" type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/scripts.js\"><\/script>\n\t<script language=\"javascript\" type=\"text\/javascript\" src=\"https:\/\/list.mailigen.com\/js\/subscribe2.js\"><\/script>\n\t<div id=\"MG-placeholder\">\n\t<style>.first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important}\n\n\tform.ebook-styles .error,\n\tform.ebook-styles #error {\n\t\tcolor:#d00;\n\t}\n\tform.ebook-styles .formfields h1,\n\tform.ebook-styles .formfields #mg-logo,\n\tform.ebook-styles .formfields #mg-footer {\n\t\tdisplay: none;\n\t}\n\tform.ebook-styles .formfields {\n\t\tfont-size: 12px;\n\t}\n\tform.ebook-styles .formfields p {\n\t\tmargin: 4px 0;\n\t}\n\t<\/style>\n<div style=\"background:#eee;display:block;overflow:hidden;margin-bottom:24px;padding:40px;\">\n<div class=\"two-thirds first\">\n<p style=\"font-size:22px;margin:0 0 10px;\">Get The Full Henry Singleton Series in PDF<\/p>\n\t<p style=\"line-height:1.4;margin-bottom:0;\">Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues<\/p>\n\t<form action=\"https:\/\/valuewalk.us4.list-manage.com\/subscribe\/post?u=c3eb7a1d092fc854772c834e0&amp;id=f6f5bdb8b5\" method=\"post\" id=\"mc-embedded-subscribe-form\" name=\"mc-embedded-subscribe-form\" class=\"validate\" target=\"_blank\" novalidate>\n <div id=\"mc_embed_signup_scroll\">\n \n\t\t\t\t<div class=\"af-element mc-field-group \">\n\t\t\t\t\t<div class=\"af-textWrap c1\"><input type=\"email\" value=\"\" placeholder='Email Address' name=\"EMAIL\" class=\"required af-element email\" id=\"mce-EMAIL\"><\/div>\n\t\t\t\t\t<div class=\"af-clear\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"af-element buttonContainer\">\n\t\t\t\t\t<input type=\"submit\" value=\"Subscribe\" name=\"subscribe\" id=\"mc-embedded-subscribe\" class=\"button\">\n\t\t\t\t<\/div>\n \n \n\t<div id=\"mce-responses\" class=\"clear\">\n\t\t<div class=\"response\" id=\"mce-error-response\" style=\"display:none\"><\/div>\n\t\t<div class=\"response\" id=\"mce-success-response\" style=\"display:none\"><\/div>\n\t<\/div>    <!-- real people should not fill this in and expect good things - do not remove this or risk form bot signups-->\n    <div style=\"position: absolute; left: -5000px;\" aria-hidden=\"true\"><input type=\"text\" name=\"b_c3eb7a1d092fc854772c834e0_f6f5bdb8b5\" tabindex=\"-1\" value=\"\"><\/div>\n    \n    <\/div>\n\t<\/form>\n\t<script type='text\/javascript' src='\/\/s3.amazonaws.com\/downloads.mailchimp.com\/js\/mc-validate.js'><\/script><script type='text\/javascript'>(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true);<\/script>\n<\/div>\n<div class=\"one-third\">\n<img decoding=\"async\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2017\/02\/Singleton-1.jpg\" alt=\"Henry Singleton eBook\" style=\"width:100%; height:auto\">\n<\/div><\/div><\/div><!-- End Mailigen Signup Form -->\n<p style=\"text-align: center;\"><a href=\"https:\/\/valuewalkpremium.com\/2021\/04\/q1-2021-hedge-fund-letters\/\" target=\"_blank\"><em><strong>Q1 2021 hedge fund letters, conferences and more<\/strong><\/em><\/a><\/p>\n<p>Not even intraday ones, unless you count the sharp and brief premarket one yesterday before the CPI figures came out. That\u2018s the result of the sea of <a href=\"https:\/\/www.valuewalk.com\/navigating-the-tidal-wave-of-liquidity\/\">liquidity<\/a> in practice, and the avalanche of stimuli. The 1.50% yield scare on 10-year Treasuries is long forgotten, and technology welcomes every stabilization, every retreat from even quite higher levels, and value stocks barely budge. No real rotation to speak of and see here, move along.<\/p>\n<p>Such were my <a href=\"https:\/\/monicakingsley.co\/stock-trading-signals\/2021\/04\/13\/still-a-bullish-fever-in-stocks\/\" rel=\"nofollow\" target=\"_blank\">recent observations<\/a>:<\/p>\n<p><em>(\u2026) No denying that the stock market is in a strong uptrend, but it got a bit too stretched vs. its 50-day <\/em><a href=\"https:\/\/school.stockcharts.com\/doku.php?id=technical_indicators:moving_averages\" rel=\"nofollow\" target=\"_blank\"><em>moving average<\/em><\/a><em> \u2013 a consolidation in short order would be a healthy move, but the CPI readings above expectations don\u2018t favor one today.<\/em><\/p>\n<p>Talking <a href=\"https:\/\/monicakingsley.co\/stock-trading-signals\/2021\/04\/13\/still-a-bullish-fever-in-stocks\/\" rel=\"nofollow\" target=\"_blank\">gold prospects early yesterday<\/a>:<\/p>\n<p><em>(\u2026) And that\u2018s probably what gold is sensing as it grew weak yesterday. The rising <\/em><a href=\"https:\/\/monicakingsley.co\/stock-trading-signals\/2021\/03\/31\/stocks-gold-and-the-troubling-yields\/\" rel=\"nofollow\" target=\"_blank\"><em>yields aren\u2018t yet at levels causing issue for the S&amp;P 500<\/em><\/a><em>, but the commodities\u2018 consolidation coupled with nominal yields about to rise, has been sending gold down yesterday \u2013 and miners confirmed that weakness by leading lower. This would likely be a daily occurence only unless and until copper gives in and slides \u2013 that\u2018s because of the inflation expectations having stabilized for now, but Treasury yields not really retreating. Yes, gold misses inflation uptick that would bring <\/em><a href=\"https:\/\/www.investopedia.com\/terms\/r\/realinterestrate.asp\" rel=\"nofollow\" target=\"_blank\"><em>real rates<\/em><\/a><em> down a little again \u2013 and is getting one in today\u2018s CPI as we speak.<\/em><\/p>\n<p><a href=\"https:\/\/www.valuewalk.com\/still-a-bullish-fever-in-stocks\/\">CPI inflation<\/a> is hitting in the moment, and its pressure would get worse in the coming readings. Yet the market isn\u2018t alarmed now as evidenced by the inflation expectations not running hot \u2013 the Fed quite successfully sold the transitory story, it seems. Unless you look at lumber, steel or similar, of course. None of the commodities have really corrected, and the copper performance bodes well for the precious metals too.<\/p>\n<p>The stalwart performance in the miners goes on after a daily pause as gold gathers strength and silver outperformed yesterday. Silver miners and gold juniors are pulling ahead reliably as well, not just gold seniors.The run on $1,760 awaits.<\/p>\n<p>Let\u2018s move right into the charts (all courtesy of <a href=\"http:\/\/www.stockcharts.com\/\" rel=\"nofollow\" target=\"_blank\">www.stockcharts.com<\/a>).<\/p>\n<h2>S&amp;P 500 Outlook<\/h2>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333622\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7.png\" alt=\"S&amp;P 500\" width=\"1200\" height=\"903\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7.png 1200w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-300x226.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-768x578.png 768w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-696x524.png 696w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-1068x804.png 1068w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-558x420.png 558w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-80x60.png 80w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-1-7-265x198.png 265w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p>S&amp;P 500 is no longer trading above the upper border of Bollinger Bands, the price action remains bullish, and volume is ever so slowly picking up (sending weak early signs thereof), but the bulls better watch out for a catalyst forcing a down day once in a while again.<\/p>\n<h2>Credit Markets<\/h2>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333623\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7.png\" alt=\"Credit Markets\" width=\"774\" height=\"587\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7.png 774w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7-300x228.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7-768x582.png 768w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7-696x528.png 696w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7-554x420.png 554w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-2-7-80x60.png 80w\" sizes=\"(max-width: 774px) 100vw, 774px\" \/><\/a><\/p>\n<p>Both high yield <a href=\"https:\/\/www.valuewalk.com\/the-esg-case-for-sovereign-bonds\/\">corporate bonds<\/a> (HYG ETF) and the investment grade ones (LQD ETF) turned around yesterday, and so did long-dated Treasuries \u2013 and that supports the bullish spirits in stocks. It was indeed right to view the prior non-confirmation as not too pressing at the moment.<\/p>\n<h2>Technology and Value<\/h2>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-3-7.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333624\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-3-7.png\" alt=\"Technology and Value\" width=\"770\" height=\"345\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-3-7.png 770w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-3-7-300x134.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-3-7-768x344.png 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<p>Tech (XLK ETF) rose strongly yesterday, and so did the kingmaker $NYFANG (lower black line) and Tesla that I called out yesterday. But value stocks didn\u2018t sell off \u2013 a powerful testament to the TINA trades driving no real rotations to speak of as nothing gets really sold off just on its own.<\/p>\n<h2>Gold and Miners<\/h2>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333625\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7.png\" alt=\"Gold and Miners\" width=\"772\" height=\"587\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7.png 772w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7-300x228.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7-768x584.png 768w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7-696x529.png 696w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7-552x420.png 552w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-4-7-80x60.png 80w\" sizes=\"(max-width: 772px) 100vw, 772px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.valuewalk.com\/gold-price\/\">Gold<\/a> isn\u2018t in a decline mode anymore, and appears picking up strength so as to take on the $1,760s. Volume is returning, and the current reprieve in rising yields is welcome.<\/p>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333626\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7.png\" alt=\"Gold and Miners\" width=\"772\" height=\"586\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7.png 772w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7-300x228.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7-768x583.png 768w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7-696x528.png 696w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7-553x420.png 553w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-5-7-80x60.png 80w\" sizes=\"(max-width: 772px) 100vw, 772px\" \/><\/a><\/p>\n<p>Miners returned to the limelight, and it\u2018s my view they would lead gold by breaking above their recent highs convincingly, as the tide in the metals has turned. Time and desirably a catalyst of such move, is all that is needed. Geopolitics (to the short-term rescue) or more unavoidable inflation data bringing down real rates, that\u2018s I am looking for next.<\/p>\n<h2>Silver and Miners<\/h2>\n<p><a href=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-2333627\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6.png\" alt=\"Silver and Miners\" width=\"772\" height=\"348\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6.png 772w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6-300x135.png 300w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6-768x346.png 768w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2021\/04\/STS-6-6-696x314.png 696w\" sizes=\"(max-width: 772px) 100vw, 772px\" \/><\/a><\/p>\n<p>See the gold and silver miners trading in lockstep, remember gold juniors as well, and you get this bullish picture where the whole <a href=\"https:\/\/www.valuewalk.com\/gold-ira-should-you-get-one\/\">precious metals<\/a> sector is slowly coming back to the limelight. In case of silver, the return in volume is boding well for the days ahead \u2013 all without the classic signs of bearish isolated silver outperformance.<\/p>\n<h2>Summary<\/h2>\n<p>S&amp;P 500 and the still elusive consolidation \u2013 the Fed speakers won\u2018t likely trigger one today, but bulls, watch out for some daily downside with little to no warning in your plans, after all.<\/p>\n<p>Gold and miners\u2018 paths are aligned, and nominal yields trajectory is boding well for the days ahead when patience is still needed before the nearest resistances in both assets are taken out with conviction.<\/p>\n<p>Thank you for having read today\u2018s free analysis, which is available in full at my homesite. There, you can subscribe to the free <a href=\"https:\/\/monicakingsley.co\/trading-service-sign-up\/\" rel=\"nofollow\" target=\"_blank\">Monica\u2018s Insider Club<\/a>, which features real-time trade calls and intraday updates for both Stock Trading Signals and Gold Trading Signals.<\/p>\n<p>Thank you,<\/p>\n<p><strong>Monica Kingsley<\/strong><\/p>\n<p><strong>Stock Trading Signals<\/strong><\/p>\n<p><strong>Gold Trading Signals<\/strong><\/p>\n<p><a href=\"http:\/\/www.monicakingsley.co\/\" rel=\"nofollow\" target=\"_blank\"><strong>www.monicakingsley.co<\/strong><\/a><\/p>\n<p><a href=\"mailto:mk@monicakingsley.co\"><strong>mk@monicakingsley.co<\/strong><\/a><\/p>\n<hr \/>\n<p><em>All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and\/or sales of those securities without notice.<\/em><\/p>\n ","protected":false},"excerpt":{"rendered":"<p>S&amp;P 500 went up yet again yesterday, and the corporate credit markets\u2018 non-confirmation quite resolved itself. While the same can\u2018t &#8230; <a title=\"New Day, New ATHs with Gold in the Wings\" class=\"read-more\" href=\"https:\/\/www.valuewalk.com\/new-day-new-aths-with-gold-in-the-wings\/\" aria-label=\"More on New Day, New ATHs with Gold in the Wings\">Read more<\/a><\/p>\n","protected":false},"author":21575,"featured_media":2333622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6640],"tags":[648652,647987,650884,647108,645498],"states":[],"acf":[],"modified_by":"Jacob Wolinsky","_links":{"self":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2333621"}],"collection":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/users\/21575"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/comments?post=2333621"}],"version-history":[{"count":0,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2333621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media\/2333622"}],"wp:attachment":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media?parent=2333621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/categories?post=2333621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/tags?post=2333621"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/states?post=2333621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}