Metals appear to have taken a hit, and I see all red in my trading account. The % of losses look to run fairly high. With that much of a seeming hit, why wouldn’t the volume be considerably larger than normal. What will the charts say?
Well, first off, I have decliners, as they all will be, but on light volume! ASM, SSRI, RIC, AUY, PAAS, SGDM,
Those that fell on heavier than average volume… CDE, MUX, PVG, IAG, HL, AG, SLW, GDX,
Now here’s those that came down on truly big volume! FSM, RGLD, SLV, ABX and GLD.
Well, there’s a mixed message here. That the metals ETFs, SLV and GLD, both declined on really big volume is troublesome to me. And, they were joined by 2 miners, and 1 royalty firm. This is not a positive, at all. Then, on the other hand, we have 6 miners that came off on very light volume, and another 8 that did so on only a milder increase in volume, and that’s a huge plus. The overall average volume increase was only 27%… that’s not bad.
Something I do like to see is that ABX and GLD are falling in such a way, that I expect they might test an important level of price support rather soon. It will be most instructive to see what they do, should they attain unto their support. If it should hold, that would be most encouraging, and I’m willing to bet that there’s a lot of new folks on the sideline waiting for just such an opportunity to join the party. Let’s hope so!
Approaching 8:30 am EST and the metals are up, especially silver. I find that interesting. You’d think with stocks and bonds both recently making new highs, that metals would go cold, and money would rush in to participate in those market rallies….
Here’s to your accumulation of real wealth!
Harold F Crowell