TG Watkins – Technicals on: Tech, Biotech, Housing, Cryptos, Gold, Copper, Critical Minerals, & Oil
The KE Report Jul 7, 2026
Summary
Gold and silver show only oversold bounces inside downtrends; guest TG Watkins wants support confirmed before calling precious metals higher.
Copper has held up better than precious metals but trades rangebound; Watkins stepped aside from Taseko and Southern Copper until a breakout confirms direction.
Critical minerals ran too far in 2026; the REMX rare-earth ETF hit 2022 resistance and Albemarle only now reached its 50-week average.
Oil looks technically oversold after the US-Iran MOU ended the hot war, but Watkins still sees the trend lower with bounces possible.
Rotation out of extended mega-cap tech into financials, biotech, housing, and bonds drives markets; Watkins says the AI chip trade needs to digest.
TG Watkins's takeaways
- Top takeaway TG argues the AI/chip trade got too overbought to offer good long-side risk-reward, and profits are rotating into laggards such as financials, biotech, and housing.
- He expects the Fed to hold rates neutral rather than hike, with cuts later, and stays bullish TLT as the play on lower rates.
- In crypto and precious metals he so far only trusts bounces within downtrends, watching whether Bitcoin can get and stay above its daily 50 moving average for a real trend change.
- He called oil short around late May/early June with a long-airlines pairs trade that worked out, and now sees the oil downtrend as stretched enough to bounce.
- His support framework for extended moves: the hourly 50 moving average first, then the daily 21, then the daily 50.
Shad Markowitz's takeaways
- Top takeaway Shad argues the Fed will stay neutral for a while and eventually be forced to cut because higher rates would press debt loads, a backdrop he sees powering small caps and speculative names.
- He frames any precious-metals bounce as a counter-trend rally within a bearish trend until the charts prove otherwise.