Some interesting things happened in the market today, maybe the 'Pink Moon' is to blame...

  • We saw the VIX rise nearly 10% while the S&P 500 managed to eek out a 4 basis point gain (only the 9th time since 2000 the VIX has risen more than 7% on a day the S&P closed in the green).
  • After early weakness gold and the gold miners spent the rest of the session clawing back and ended up closing in the green. Basically the exact opposite of the scenario we saw on Friday.
  • The Gold Volatility Index (GVZ) closed up 2.23% even as GLD was perfectly unchanged on the day.
  • We saw the uranium sector (URA) surge more than 4% on the heaviest volume in more than a month: 

Impressive high volume breakout from multi-week falling wedge pattern; RSI surging above median line in combination with MACD bull cross over adds weight to the significance of this chart pattern breakout. 

  • The GDX closed above its 50-day moving average for the 5th consecutive trading session and at its highest closing level since February 24th:


  • TSLA continues to rip short sellers to pieces with another 3.26% gain during today's session:

TSLA shares are now up 41.6% year to date even as short interest has been consistently above 20% (25.8% at last check). 

The TSLA chart is a strong reminder that there is a difference between having an opinion and having a position. While TSLA isn't yet a profitable company and short sellers have been vocal in pointing out that the valuation of the stock is based upon optimistic sales forecasts of unproven electric vehicles, the fact is that the TSLA chart's trend couldn't be clearer. Why not ride the trend and make money instead of spending hundreds of hours conjuring up a short thesis which ends up losing money? 

I'm sure TSLA will end up serving up a great shorting opportunity at some point soon, however, the chart will probably give us some clues before that happens. So far the chart is telling us that being short is the losing trade. 


DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.