U.S. Stock Market Will Surely Fall Now
You may be asking yourself how can I be so sure? Easy – I was just stopped out of my bearish ETF position (Bought SH at $34.11 and stopped out at $33.32).
The disconnect between underlying fundamentals and share prices has come to a point where I think, it’s even worse than the Internet craze of the late 90s and late 2007-early 2008. Unfortunately, there may need to be a “melt-up” before the “melt-down”. I’m okay with that as I much more comfortable out of the stock market and in gold (that’s me and may certainly not be best for you).
Speaking of gold, I certainly don’t want to go back to micro-managing market calls, but I would like to point out my early morning call yesterday for a gold price correction and another “lame” bear attack from the soon to be put out of commission (thanks to Asia becoming the dominating gold trading hub and not the Crimex/Comex) gold bears cartel that has raped and pilferage on the Crimex (Comex) for decades. Just this morning, someone decided it was a good time to unload $4 billion worth of paper gold (read article).
Re-read my last gold comment if you feel the need for some hand-holding, but know I’m very comfortable with gold over stocks and bonds.
I received some emails about my two personal stocks I own. Please know I will only comment publicly and it’s not to be consider any type of investment advice or service (just a former whiz kid or has turned to fizz far too often in his several decades of buying and selling stocks).
Nevsun Resources (NSU- $2.48) – We’ve seen a pick-up in volume of late, especially yesterday and today. Volume pick-up often precedes share price increase, and this may be the case here thanks to a significant “tempered” buy recommendation yesterday by one of the most followed “mining share” newsletters still around.
I will not repeat to any real length what the gentleman shared with his readership, but he does present a case to be in the know, given what he states about his personal involvement with one of NSU’s key assets in Serbia.
While the new CEO gives cause for renewed hope for leadership not heavily damaged like the previous CEO was at the end of his time at NSU (caused by the abortion of the handling of the company dividend), I feel new leadership in “Business Development and Investor Relations” is also needed to remove any remaining negative weight from that dividend fiasco. It also doesn’t look good when the guy in charge of that area owns less than 10,000 shares still.
Fingers and toes crossed the bottom is in on NSU even though both copper and zinc are well off their highs.
Teranga Gold (TGCDF $2.47) – Nothing to add from my comment from just a few days ago, other than to say we’re closer to June 16th – Hooray!