On CNBC’s “Fast Money” on Monday, Guy Adami said gold mining stocks like SPDR Gold Trust (NYSE: GLD) and VanEck Vectors Gold Miners ETF (NYSE: GDX) are breaking out to the upside and continue to have room to run.
Tim Seymour added that typical risk-aversion stocks like McDonald's Corp (NYSE: MCD), Coca-Cola Co (NYSE: KO), PepsiCo, Inc. (NASDAQ: PEP) and Starbucks Corporation (NASDAQ: SBUX) are defensive stocks that are likely going higher and that valuations don't matter.
Dan Nathan said with gold and defensive stocks moving higher, the warning signs are "screaming in silence" and said if the market is going to breakout to meaningful highs, Microsoft Corporation (NASDAQ: MSFT), Amazon.com, Inc. (NASDAQ: AMZN) and Alphabet Inc (NASDAQ: GOOG) will have to get back to prior highs.
Brian Kelly said there are "signs of weakening" and is cautious because we have had such a run. He doesn't have a lot of equity exposure at this time.
Adami said if the market were as strong as everyone wants it to be, the iShares Russell 2000 Index (NYSE: IWM) should be higher.
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