On Wednesday, after the market closed, shares of ETSY went into collapse after reporting earnings. This is a stock that is on the top 100 most owned Robinhood list and is in the ARKK ETF. It’s another fad stock that has cracked. Last week we saw shares of FB, AMZN, GOOG, AAPL, and MSFT sell on earnings reports, but they did not fall anything like ETSY is now doing. That is a difference companies that make tons of money and ones that went up on hype.
If the stock market falls would that hurt gold? That is one topic among several I talked about with Jordan Roy-Byrne of thedailygold.com. Jordan talked about will be the next real catalyst that will ultimately drive gold higher for good on the technical analysis charts. What got my attention with Jordan is an article he wrote on his website about this topic you can find here.
Jordan is not really expecting a big gold drop, or even move up, at the moment. Right now he is focused on company specific plays. There are small caps that are moving. We saw that last month with my top stock pick of the month. And already my new pick for this month is starting to move. For more on it check out my post here.
-Mike
