The first earning season after the tax changes is upon us. Earnings have not disappointed with many corporations posting the expected 20% earning surge YOY. But Insider selling more than doubled this past week.
$370 Trillion in fiat money contracts are tied to LIBOR, which is set to die in 2021. The problem is all the contracts tied to that rate that come due AFTER 2021 and LIBOR is on the rise.
Looking at the charts, Spot silver sits right on the upper trend line in a wedge formation. We may know today, if there was a breakout above the trend line. Spot gold continues to form a second cup formation inside the current long-term trend.
Remember, a cup formation indicates that smart money is quietly building their position. Are you with the smart money?
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By ITM Trading’s Lynette Zang
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