I would say yesterday was a great day to have Dale Pinkert back on Talking Markets, but it’s always a great day to have Dale on Talking Markets…! Some very interesting calls below (and as ever, he brought the receipts).
Thank you , , and many others for tuning in live on Substack…!
Updates: DXY, TLT, Oil, Nat Gas
DXY
Last time Dale was on, at the start of May, he said he was looking for “I’m looking for 1.01 and a half in DXY, and then I’m looking for one more load to 96, 95.”
“That was a perfect call,” he said yesterday. “And they’re not always that way. I’ve actually even lowered some of my targets - I was looking for 96.5 prior, now it’s down to 95 or 94.”
TLT
“I don’t think the lows are in, [but] I’m not as bearish as I was,” Dale said.
WTI
“I wouldn’t be short oil,” Dale said. “I think it’s a low risk buy here with stops under the crash low of 54.5.”
And yesterday, Dale said: “We’re knocking on the door of a breakout at 63 or 64 that could give us 68 in a hurry and maybe even 75… So I’m constructive oil.”
Nat Gas
“I believe we’re starting the third wave [in nat gas],” Dale said yesterday. “And you could have a move up towards $8-$10 nat gas by the end of the year, because we’re having blackouts all over, even in energy-rich countries.” [Paging !]
Gold/Silver Ratio
Last time, Dale said he saw a potential topping out of the gold/silver ratio, followed by a “big move to the downside, and that means silver’s going to outperform for a long time.”
His predicted breakdown in the gold/silver ratio “is happening in spades today,” he told us yesterday. “I think in the next year that the gold/silver ratio is going to be trading well under 77, heading back to a mean reversion - maybe 50.”
“Gold hasn’t even made a new high yet, it looks like it will,” Dale said. “[But] I’d rather buy silver and silver shares.”
In fact, Dale said: “I’m going to be looking to get short gold based upon the narrative that’s out there. It’s a real crowded trade… Even though we might go to $3,700, there’s a lot of risk because people see no risk. And the risk is of a dollar bottom, or peace, of if the 10-year takes out $4.75.”
Dale on…
Uber: “I already took profits on some August puts, and I'm going to put them back out there if Uber rallies back to 88 to 90… I think Uber has a chance to trade back down to initially 70 and eventually 50.”
Google: “[There is a] classic bear flag [in Google,” Dale said. “I think there’s a short in Google, I’m bearish, and I’m going to trade [it] with options.”
S&P: “I’m going to wait for 5,600 in the S&P… That is where I’d be looking to be a buyer in the S&P, and then looking for new all-time highs into August, maybe 6,400.”
And Finally… “I Don’t Know” is Wisdom
“It’s okay to say ‘I don’t know,’” Dale said. “Eventually you will know because there will be certain triggers that give you a signal. So anytime our audience out there are feeling like ‘I really don’t know what to do,’ that too is wisdom. Because if you feel that way, you just have to wait until you get another signal.”
And a question for us all:
Whew - Coach always brings the soul-searching…
Enjoy,
Maggie
Important Disclaimer: It is crucial to remember that this article is for informational purposes only and should not be considered investment advice. Consult with a qualified financial advisor to assess your risk tolerance, investment goals, and overall financial plan.
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