Overboughtedness & Profit-Taking

Comex prices are doing their usual two-step.

43
Thu, Feb 21, 2019 - 10:41am

The extreme "overboughtedness" reflected through the daily RSIs are seemingly the primary factor in today's smash. But it is what it is. The Comex metals never move straight up. It's almost always a three-steps-forward-and-two-steps-back motion. Why? Because speculators like to book profits and, after $35 up in three days, there are profits to be booked.

And so here we are. Yesterday's FOMC minutes were just as bullish as the FOMC fedlines and Powell's presser three weeks ago. And what happened three weeks ago? Price was smashed backward then, too. However, be sure to...

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