 Okay good morning folks and welcome to Morning Update and it is 8.04 in the A.M. the 30th. So what we're looking at this morning is what I was concerned about yesterday when we went live yesterday afternoon at around lunchtime and at that time we were breaking out. We were then retesting the breakout point and I was concerned about whether or not the breakout would hold and sure enough overnight it failed. Not only did it fail, this is a four-hour chart by the way, we are now at new weekly lows. The dollar is breaking down and I think that we can gap down at any time and when we do we'll be looking for support down here at the February 2018 lows and we could get there in a heartbeat. I mean look at the last time we had a break around these price points. It was January of 2018. We broke below 90 spot five on the Dixie. Within a week we were down to 88 spot three three. So we've done this before. We could easily do it again. Technically the U.S. dollar is a basket case and I'll save the time by showing what we're doing in terms of gold prices this morning. We're not doing much. We're balancing it out between negative, positive, not much reaction here. I think that a larger break will change the apathy in the gold markets. I think we could see a run-up in tenacity similar to Bitcoin not necessarily in percentage terms but a parabolic move up higher in gold prices and of course in the mining prices and that goes for silver as well. So beware. This is not setting up well. You know as an American I speak first from as being an American. You don't want to see your currency potentially collapse but the markers are there. So what do we do? We can't ignore it. We need to be positioned accordingly therefore we'll be looking to add two gold mining plays, silver plays, etc. Did we sell covered calls yesterday? No. Why? It's because we held 53 on the GDXJ. We'll go to that chart in a moment and the dollar appeared to be breaking down and I didn't want to be capped by selling covered calls for a couple of dimes and possibly missing out on a lot of upside potential on a breakout. So I decided not to do that. Let's go to Bond's 10-year yield. We're flat on the week. This is a very bullish chart. Think about it. All the new debt that's been offered up and they're trying to offer up more, all the money printing $121 billion per month, debt buying yet yields have a bias to the upside. So the dollar is dropping. Input costs for manufacturers are rising. Borrowing costs could shoot up higher. Could be as soon as the dollar breaking down. That will not bode well for the stock market. TLT, a down day yesterday. We're breaking down below the lower band to support. It's hard to see, I know, up on this lower band. You just have to trust me on that. On the fast line anyway in black. But we have broken out on Ultimate Oscillator. So we have a war of indicators. When you get that, you fall back, you take a look at your price action and your volume action and you take your cues. Now, this is a holiday week. Yesterday's volume was fairly strong. The VIX bullish reversal bar, possible W formation, 3146 is the top of the pivot point, higher lows on RSI, stokes still healing here. So we can get some backing and filling on price. Weekly chart, struggling to get through resistance, RSI, forming a cup, a base, the S&P 500. Bearish reversal bar yesterday. We are up in the pre-market. The chips, they continue to consolidate. They may catch a bid today. If the dollar breaks further, they may shoot up higher. Stokes though putting in lower highs. That could be because of the length of time we spent consolidating. Ultimate Oscillator hooking up. Money flow declining. The Dow transports, we're calling this a breakout point failure. We had broken out a couple of days ago yesterday. We failed to hold the breakout point. Stokes are not looking good. They're rolling over. Beware the Dow transports. Weekly chart, thus far this week, a bearish reversal bar. A lot can happen between now and tomorrow. But we're very extended here. The Dow Jones bearish reversal bar. MACD is showing a consolidation here. We may push up higher on MACD. That means price will break out. So I don't like the lower highs and lower lows on the stokes. MACD is a trailing indicator. We are at all time highs, but we are losing a bit of momentum here. But the MACD, for whatever reason, just looks fairly bullish. But again, that's a lagging indicator. Qs, two days worth of filled candlesticks. Usually when you get that to the top of a trading range, it doesn't end well. It didn't end well back here, nor did it end well back here. So beware of a potential top here, short term anyway, on the Qs. Let's go to a weekly chart. Same deal, weekly chart. A lot of gains had here since March, folks. I'm getting the feeling that we're going to have a serious pullback in January. Small caps, daily chart down nearly 2% yesterday. Now it's at this point where we come to the end of the year. Look at the volume yesterday. Abbreviated week, holiday week, not just yesterday, the day before. It's at this point in time where we're going to be looking at adding to shorts. We've been very disciplined with not shorting the market. It's paid off. IWM is beginning to crack here. We may have further downside down to the 20 period moving average, expect a defense, then a rally higher. Then we'll see whether or not we put in a double top. And we may lean into the short side even further in preparation, weekly chart, in preparation for a sell off. This is unsustainable. And you can see we're already giving up this parabolic move higher where some of the fraud is coming off. And frankly, I hope they try to rally it back. And remember the old adage, folks, the stock market takes the escalator up, but an elevator down. So it took multiple weeks to rally out of this base to all time highs could take only several days to retrace all the way back down to prior support. And that support level would be at 167, 68. The banks down day yesterday, not much to speak about here. They might consolidate, especially if yields begin to move up higher. Technology bearish reversal bar yesterday. You know, we're still in an abbreviated light volume algo driven week. They can keep this party going. Next week, different story, consumer discretionary. This is a weekly chart, not a bad week in terms of price action. Looks pretty good. Very close to a breakout. Not loving the noise on the stock RSI, this choppy action. Usually like to see it smoothly move up higher, not stall out and put in lower highs below the 0.8 mark daily chart, some filled candlesticks. But it appears as though they want to break out consumer discretionary energy. Very weak day yesterday broke support. So we'll be watching that $36 per share mark. Gold doji star formation yesterday. Eeked out of gain, closing up about a third of a percentage point, holding the 50 period moving average to positions. The GDXJ did not eat out again yesterday, but it did hold $53 per share. It's holding the 50 period moving average 20 period moving averages set to cross above the 50 day no later than tomorrow. That should act as a positive bullish event. Not loving ultimate oscillator. Uranium, stalling out here, pretty extended. We made book profits here today. The SILJ, a down day yesterday. However, we did rally off the 1550 mark, which has been acting as pretty good support. Volume rose though, abbreviated holiday week with a high volume. Not good. The indicators still look good. Now the AGQ, really nice setup here. We have a W formation. 50 spot 43 is the pivot point. We broke out here on the 28th. Retest of the breakout point yesterday. It held. Now we're looking for a follow through. I think that we could even add more here on the AGQ having closed above the pivot point yesterday. I think we're breaking out of a base on the AGQ. Not that I think. I know we're breaking out of a base as long as it holds yesterday's lows. We don't want to see close below 50 spot 43. So silver looking very good. Rocket mortgage. I'd love to say we got to go buying more of rocket mortgage on a reversal day yesterday, folks. Stokes are declining below 50. I can't do it. They need to get resolved. We already have enough of a position where I'll sit with it. If it breaks out, so be it. We'll be happy with that. But I wouldn't go adding more here. Count main foods update yesterday by a little over a quarter percentage point. I would not go adding more. It's consolidating gains. Emerging markets continue to move up higher. Expect more of this, folks. You're seeing the dollar breakdown. Let's see how it's doing since I started recording. Not much has changed if anything has gotten worse. And we remain at new weekly lows. Let's scroll through to see how gold is doing. You know, Bitcoin's up in front of us. Let's take like a big point. Bitcoin resuming its move up higher. Now at 28,415 and it's going higher. Gold now positive. Get ready, folks. I think they're going to rock and roll these precious metal names, including the miners very, very soon. Look at silver. Silver is continuing to press up higher. I think we're breaking out. We have higher lows. Good looking stuff. Bond prices are lower, which means yields are flat to moving up higher. The VIX is down, but it appears as though it's putting in a higher low. What's the S&P 500 doing? It was up higher earlier. Still up higher. Topping action. Possible lower high here. Four-hour chart, though. Beware. Russell 2000, up a half percentage point. Here's that counter trend move. Hardly the type of move that dreams are made of, in that you're seeing a rally off of support, topping action on each one of these candlesticks. The Nasdaq 100, they're looking okay. Looks like now the money's going to rotate into the Nasdaq 100. The money was going into the Russell. Now the money's coming out and segueing over and into the TripQ names. This is the same game we've seen all year long. They've rotated from the cues into cyclicals into the small caps and round and round we go. Dow Jones not looking healthy at all. Yes, we're up in the pre-market, but this looks like it's doomed to fail. We broke down yesterday, rallying back today. I talk about this all the time. It's like the inverse of a breakout and a retest on a bullish chart. This is a breakdown and a retest on a bearish chart. Beware, folks. It's going to be an interesting day. Let me get this out to you. Talk to you soon.