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Newmont Mining Corporation, One Gap Left to Fill, And it Will.

Gold and gold miners continue their surge higher despite pending rate hikes by the Fed.
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Newmont Mining chart courtesy of StockCharts.Com, annotations by Mish

Newmont Mining chart courtesy of StockCharts.Com, annotations by Mish

What is a Gap?

  • A gap up occurs when the market or an individual issue opens higher than the high on the previous day.
  • A gap down occurs when the market or an individual issue opens lower than the low on the previous day.

I am a big believer in the theory that most gaps fill. Blue boxes are closed gaps, the green box is an open one.

Gap Magnets 

TSLA chart courtesy of StockCharts.Com, annotations by Mish

TSLA chart courtesy of StockCharts.Com, annotations by Mish

I expect that open gap will easily fill in the bear market that has started. 

People have no idea how totally insane this stock market blowoff top has been.

Pick nearly any tech stock. Look for gaps and expect most of them to fill. It's not just technology. 

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I will have more on that theme tomorrow morning covering S&P 500 targets.

Gold is Cheap

 The key takeaway for this post is "gold is cheap" technology stocks aren't.

This post originated on MishTalk.Com.

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