Michael's Blog: What's New

Gold stocks oversold underloved 0

Gold stocks oversold and underloved

Sentiment and price action are extreme. Combined, they make a very strong case for a rebound. Gold stocks are also very cheap relative to the broad indices, as well as gold itself (which is...

Extreme Risk Equities 0

Extreme risk in equities

We now have a syndrome that has rarely been followed by significant market gains, and almost always followed by a decline: Overvalued: Shiller PE above 18 (it’s 23) Overbullish: High “bullishness” and low “bearishness”...

Feb-2013-NAAIM-weekly-survey 0

Active investment managers more bullish than ever

The average active manager is now leveraged long, according to NAAIM’s weekly survey: Sustained bullishness is bearish, especially once the market starts to trend sideways. We don’t yet have that choppy sideways action on...

osaka-japan-sculpture-gold 2

Still expecting rebound in JPY and Gold

  Sentiment has remained compressed in these “risk-off” trades, as stocks have remained near their highs on neutral sentiment. I’m expecting sharp reversals in the near future, though I am long-term bearish on the...