I just feels like it is about time for THE bottom in prices of the basic metals and thus of the miners and suppliers of miners.
Every day for the last months, it seems, the talking heads on the business channels are talking about the TOP in the markets. Every day the question is, "Is this the top?", or "The stock market is approaching bubble territory". But the market keeps grinding up. Not zooming up, grinding up.
And in the next segment they will talk about weakness in China or the effect of rising interest rates on the economy and/or the stocks. If there is one thing I have learned over the years it is to not give much credence to what the talking heads are warning of if the prices of the securities affected by the predicted calamity are not collapsing or giving signs of selling. In fact lately the buying comes on the dips. It is not the type of selling that is typical of a general market top.
To go further, my impression of the economy is influenced by what I see around myself. I live in a tiny backwater of America, far from the economic centers. A pickup in the economy in our little backwater shows that strength in the economy has the pressure, to use an analogy, of blood being pushed through the smallest capillaries in a body. The road that I live on is busy. Much more so than in the last few years. The log trucks are running again, and the delivery vans are busy. And the attitude of people is optimistic despite some lingering unease left over from the last financial crash. If things are picking up and people are still cautious, then we have a long ways to go.
And last I heard we are still making more people in the world. And they still have connectivity to the world so they still want things.
It feels like a bottom in the demand thing.
Time will tell,
Oh! I just post this and Josh Brown comes on talking about the breakout in Deere (DE). I had took my eyes off of that one! Confirmation?