Gold sees short squeeze? S&P's weak knees?
As you regular readers know, Gold's weekly parabolic trend confirmed flipping from Long to Short at the close of trading back on 26 May per the August contract price of 1963. Since then, price has barely been lower than 1950 and instead briefly climbed back to 2001. Now we've Gold having settled out the week yesterday at 1976.
Broader views of the"Baby Blues" are of course on the website's Market Trends page for all eight BEGOS Markets . And specific to Gold: whilst the weekly parabolic Short trend as aforeshown is only newly on the go, as herein written a week ago "…wouldn't it be lovely to have the present Short trend short-lived?…" When first confirmed two weeks ago, we cited that the 1850s would not be untoward on this run, even as the noted low 1900s make support sense.
Either way, per the red line in the above Econ Baro graphic, the stock market clearly doesn't care a wit. Yet regardless of what conventional wisdom sees, we continue to couch the S&P as standing on weak knees, due overwhelmingly to weak earnings growth, if you please. The S&P settled the week yesterday at 4299, its highest closing level since last 16 August. The S&P's"live" price/earnings ratio back on that day? 38.8x. Today? 53.3x.
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