Gold is a good trend and expect higher prices for the miners, says BTIG's Jonathan Krinsky

Our next guest says a retest of previous highs is in fact coming and sees one overlooked group that could outperform. BTIG’s Chief Market Technician, Jonathan Krinsky joins me now. It’s good to see you. So we’re going for 5200, a close above that for the first time in a month today and we may very well get that. What does that mean? Well, if you go back to April 20th or so we got some tactical oversold conditions we thought a bounce was likely got us back up to 5200 and then you know we we said earlier this week this is kind of bears last stand to to kind of turn things down. We’re looking at the analog back to the summer. Last summer when you had about a 6% drawdown in July, you rebounded back into September and then you failed and and moved lower. And so we should, you know, if that analog was going to play out, we should have really turned lower yesterday. Looks like bulls kind of, you know, regain leadership here. And so, yeah, I mean, I don’t think it’s, it’s a stretch to say new highs are coming only about 60 points or so above that. But I think more so it’s, you know, you have the VIX back under 13 trends still still positive. So that’s probably the path of least resistance is still higher here. I mean, this market’s confounded you at times, hadn’t it and other technicians too, whereas things look like they’re about to roll harder and they rebound faster than many people expected. Is that a fair assessment? Yeah. And I think it speaks to the internal rotation that’s going on. I mean you know I think if you if you think, I think most people would say that tech technology has been leadership and certainly has over the last six, you know 1218 months. But you know, let’s take the last three months for instance, the S&P 500 technology sector is basically flat, while you something like utilities are up 18%. So there’s just continued leadership and when one sector takes a pause, another steps up. And that’s really kind of what’s been the story of late. What caught my ear of of what you said a few moments ago is, is this might be the bears last stand. Can you expand on that? Because, you know, the, the bears have felt emboldened at at times when it looked like they may be regaining something and then they’ve been steamrolled again. Yeah, I mean like we said, we we had that 6% drawdown in April, you know rallied back to a level where again if if we were not going to make new highs, it was likely to turn lower this week. And you know it appears that didn’t that didn’t materialize. So, you know, doesn’t mean we can’t have rollbacks are shallow dips, but I think that you know if we’re looking for that playbook would like a 10 to 12% drawdown like we saw this last summer. We’ll probably have to wait a bit longer for that and probably from higher levels at this point. You look at some charts, you say the gold miners look especially strong, tell us more. Yeah, I mean gold miners continue to to act well, they’re actually out again outperforming the market year to date. Probably not a lot of people realize that, but they had a massive move, you know over the last two months basically consolidated for the last couple weeks and now they’re kind of reasserting themselves and breaking out higher. Today silver is outperforming gold. So those are things you want to see yield, real yields coming down, there’s those are all constructive aspects to the gold trade. But yeah, it’s a it’s a good looking trend and we’d expect higher prices for the miners here.