As I indicated last night, any news of a breakthrough in the stimulus talks would be a major catalyst ending the US market correction and propel precious metals as the dollar dives. It is noteworthy that the USD (DXY) has been on the backfoot over the past 12 hours.
IMO time to cover your shorts and position long into precious metals juniors.
If you are in the right sectors, it doesn't matter what the indices do. Stocks in those sectors will continue to re-rate higher even when the indices do nothing or go lower.
If you are in the wrong sectors, it doesn't matter what the indices do unless they contribute to their weakness. Stocks in those sectors will continue to languish or go lower despite higher indices.
Hence, IMO stay focused on the sectors and avoid getting blindsided by the indices and what their charts portends.
A lot of stocks do decently well today (so far) , indices going nowhere. And banks, large resource blue chips going lower.
