RE:RE:Follow the Asset Managers
"Yeah follow the same people who wouldnt touch oil when GXE traded for 30 cents? Real smart people. THey were saying buy facebook at that time. Yeah, follow them. wow"
Michael Oliver is talking about a larger portion of asset managers shifting their portfolios more to commodities, i.e.: becoming more commodity weighted. They are dropping or reducing their teck stocks like Facebook. The NASD has been one of the worst performing markets. Oliver is not talking about any one asset manager specifically but is taking about a trend shift.
https://stockcharts.com/freecharts/gallery.html?%24COMPQ
A comparison of the tech charts and commodity charts shows the shift. Commodities are climbing. For example take a look at copper and iron. Copper is up to $3.98/lb. Iron is up to $118.50/t. Copper is a bell weather indicator. But if you look at broader commodity index they are moving into an upward trend.
https://tradingeconomics.com/commodity/copper
https://tradingeconomics.com/commodity/iron-ore
Crude has not reversed trend yet because of artifical suppression of the oil price with release of oil from the Stratic Petroleum Reserve (SPR). This is the same as shorting a stock. It will end relatively soon and when it does the price of oil will resume its bull run. Fundamental macro data indicates there is a enduring supply deficit that is temporarily being suppressed with release of SPR oil. SPR inventories are dwindling.
https://stockcharts.com/h-sc/ui?s=$WTIC