After massive advances, it's looking more and more like the uptrend in metals is finally failing. We thought the rally might be over back in mid-April after a parabolic move and then a massive price reversal on huge volume. Gold (GLD), silver (SLV), and copper (CPER) all pulled back into early May but then made one advance to all-time highs for GLD and CPER and new recovery highs for SLV. Those new price peaks for GLD were minor and followed a big move higher, similar to what we recently saw in the stock market. These patterns of one last minor high after big rallies are bearish more often than not. In addition, the new highs were not confirmed by daily momentum and created nasty bearish divergences.

Booking Holdings offers a variety of online booking services, including airline tickets, car rentals, cruises, hotel rooms, and vacations. Booking Holdings operates in Europe, North America, South America, the Asia-Pacific region, the Middle East, and Africa. The company's brands, Booking.com, Agoda, KYAK, OpenTable and Priceline, enable customers to reserve hotel rooms anywhere in the world. More than 80% of bookings are international (primarily in Europe). In July 2014, Booking Holdings acquired OpenTable, which provides restaurant reservations online in the U.S. and internationally. In May 2013, it acquired KAYAK Software Corp. KAYAK searches travel sites to obtain the lowest hotel room and airline ticket prices. In 2012, the company bought TravelJigsaw, now called Rentalcars.com, a provider of rental car services in Europe. In 2007, it acquired Agoda, an online travel company offering hotel bookings in Asia. We think management's efforts to expand its services and diversify geographically have enabled the company to gain market share over the past five years. Although some of its competitors entered Europe before Booking Holdings, savvy acquisitions have, in our opinion, enabled the company to become a leader in the European market.

Following a slight pullback in the stock market, insider sentiment, as measured by Vickers Stock Research, has improved a bit in the past week. On the NYSE, which has seen heightened bearish insider sentiment in recent weeks, the One-Week Sell/Buy Ratio has improved to 2.97 from the prior week's 5.99, leading the eight-week reading to improve to 4.24 from 4.36. While short-term readings were stable on the Nasdaq, with the One-Week Sell/Buy Ratio coming in at 2.61 compared to 2.66 last week, the Nasdaq eight-week reading still improved to 3.44 from the prior 3.88.

Booking is the world’s largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.com, Agoda, OpenTable, and Rentalcars.com, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.