Top Citi analyst Tom Fitzpatrick sent King World News his shocking “Charts of Christmas,” and there are a few surprises to say the least.
Top Citi analyst Tom Fitzpatrick: An inverted head and shoulders and 55-200 week moving average patterns (completed with a weekly close over $52.14) would suggest as high as $70+ in early 2018 (see chart below).
For nearly 60 years the 2.7%-2.9% area on Core CPI has been a “magnet” in both rises and falls in inflation…
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Tom Fitzpatrick continues: With economic growth improving and likely getting more stimulus (Fiscal/infrastructure spending/HIA 2) and Oil rallying we would expect that range to be revisited in 2017 (see chart below).
Fixed income has been in a 35 year post Volcker bull market. Even only a fall to the support area around 127 3⁄4 – 129 would suggest a 30 year yield close to 4% in 2017. A break below there, if seen, would suggest that the 35 year bull market has ended (see chart below).
30 year yield: An outside year in yields would come if you post a lower low than the prior year (already done) then post a higher high than the prior year (3.255%) and close the year above that high. Such a development would suggest a move to at least the 4% area with the potential for an extension towards 5% and possibly even 5.5% further down the line. This potential also exists on the 10 and 5 year yields (see chart below).
King World News note: Higher interest rates, coupled with surging inflation should be bullish for both the gold and silver markets over the long-term. 2017 is shaping up to be a year that will shock the average investor and most likely leave them on the wrong side of major market moves.
***To listen to the powerful KWN audio interview where Bill Fleckenstein discusses what surprises to expect in 2017, whether or not the gold smash is finally over, and much more, CLICK HERE OR ON THE IMAGE BELOW.
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