Now is a good time to start building a fresh watchlist of ETFs with relative strength, in order to be prepared for fresh buying opportunities if they arise.
Market action could be expected to remain somewhat muted this week but position squaring ahead of the NFP data on Friday - which is ahead of the long Labor Day weekend in the US - could produce some surprises.
Mike Paulenoff is not sure what specifically triggered the pre-market thrust in gold and in the SPDR Gold Shares (GLD), but there are probably 10 fundamental reasons.
Since stocks have merely moved sideways over the past five days, consolidating near their recent lows, odds favor an impending resumption of the downtrend from the August highs.
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