When I heard about Beyond Meat (BYND) going public it reminded me of Pets.com back in the dotcom bubble era. My opinions are strictly personal but imagine a company with no real sales tapping into the “green” mentality that will deliver all its vegan burgers with fossil fuels!
Even Leonardo DiCaprio, the fake “Green” has invested in this company who flies around in jets. Next thing we may hear is that Al Gore is buying shares.
It was a very slick IPO as they timed it very well with the peak of the Nasdaq. Suck as much money as they can from investors when valuations are at their extremes already is pretty normal. There is no way in telling at this time, but insane moves can bring on more insane moves until investors get tired with a company that has no earnings but plenty of losses.
The US dollar plunged this morning and gold reacted with its own small spike to the upside. Is gold in a small 5 wave sequence? If it is, then gold could cut right through the top trend line next week.
This is a diagonal wave count I’m working at this time and it can spike back to $1310 before I have to call my bearish outlook in gold as dead. Maybe not really dead, but just postponed for now.
Late last month oil soared to a new record high after which crude oil started to decline and turn bearish. Sure we can just work another correction but to be blunt it’s still far too early to tell. Comparing this June contract top to the December intraday top, we have a different wave count. What else is new as that happens often enough!
This June contract will disappear but for now, we have more than a month before this contract expires.
For now, I will work oil as a potential 5 wave sequence until It gets destroyed or no longer works. I trade oil with the Forex oil units and they make these futures contracts look pretty docile. I’m expecting a much bigger dip as this bearish phase could be just getting warmed up!
Oil hasen’t moved enough to make any big Gold/Oil ratio changes but the COT report tonight may give us a bit more insight.