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Stocks, Best Week Since 1974, Gold, 7-Year Highs, We are Long Both, Here’s Why

The S&P 500 was up 12.10% on the week, for it’s best one week performance since 1974. Spot Gold closed the week at 1752.80, it’s highest level since October 2012, and we have been positioned long in both, stocks and Gold, here’s why.




We started buying stocks on March 18, starting with a position in $XLK, the S&P Technology ETF, not because we predicted a market bottom, because we don’t make market calls, but because that was our trading/investment plan, as outlined for our Newsletter subscribers on March 14.

This move came after being heavily defensive, and 100% in cash, as outlined here:

Our plan, in summary, was to start to build longer-term positions in our best technical ideas, dominant, industry leaders, and if the markets started to stabilize and the positions started to work, to add more exposure. Since then we have added single stock exposure in technology, consumer services, energy and healthcare. We focus on risk management and have taken steps along the way to manage and reduce open risk, including partial scaled profits and raised stops in some names. As of now, all of our open positions are profitable, and no stops have been triggered.

We also fully maintained a daily Chart of the Day, Best Technical Ideas List, for members who were allocating capital through the downturn.  Over the trailing 4 weeks of daily Best Ideas, which is tracked on a 24/7 access tracking sheet on our website, 19 are currently higher, and one was “stopped out” off the list due to a drawdown.

Below, is a brief excerpt from our March 14 Weekly Trend Report:


We added gold to our Best Ideas list on March 16, based on our technical process, which confirmed our macro thesis, that gold outperformed in the last QE cycle going back to 2008. Price always has to confirm any macro themes, as has been the case, as gold has rallied from under 1500 to currently 1752, a 7 1/2 year high. From our premium Twitter feed:

At this point, we continue to not make any market calls. We do however provide 24/7 real time technical commentary and analysis to our members, and will continue to adapt as market conditions update, with a constant focus on best technical ideas daily and risk management.

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