Major averages were up Friday but on mixed volume, despite options expiration. The NASDAQ Composite and S&P 500 continue to maintain their increased slopes of ascent as the underpinnings of the trend, namely the action in a broadening number of leading stocks, maintains a healthy tone for the market.
In economic news, leading indicators for April were stronger than expected and the University of Michigan's consumer sentiment survey surpassed consensus views and also reached the highest level since July 2007.
Evidence of constructive action in leading stocks is found in the fact that a number of pocket pivots have occurred as the uptrend continues as we reported the specific names to members on Friday.
The selling in precious metals is due to the realization that when a currency dislocation occurs, paper metals will do you no good - you must have physical - therefore we are seeing an unwinding of the paper PM trade in anticipation of this. It is also an indication of how the bit coin and other forms of currency are gaining popularity which implies physical PMs will also become a currency substitute, thus the paper version loses value.
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