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Open-Ended Rally in Gold, Silver, and Stocks?


Even though the expectation for stimulus was already priced in to a certain degree, precious metals went on a binge.


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In the very long-term S&P 500 Index (INDEXSP:.INX) chart, we see a situation more or less the same as what we had last week. Stocks are less than a half percentage point below last week's closing price level. We have seen some consolidation recently, but, given the size of the previous rally, it seems that this is not the end of it. The RSI level reflects a reading very close to 70 and the situation is quite overbought on a short-term basis. The next significant resistance line is at the 2007 highs, at 1550. A move to this point appears to be very much in the cards although a consolidation could be seen first.
No positions in stocks mentioned.
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