I’ve got 16 symbols that I track. All, but 2, closed down today. It appears that silver closed up, according to SLV, and one miner, HL, followed suit. All the remaining 14 closed lower. I’d only expect that volume was no better than average, possibly even less than average, as no strong metals price move took place today. Everything would appear to be gearing up for Friday, and what the metals market would be building up to, would appear to be a strong jobs report that would be negative for the metals.
My take would be that any negative news would be factored in, and if the report should be, shall we say, less than robust, a powerful relief rally could actually ensue.
So, my take would be to be a buyer Thursday, if the miners are weak, and take new positions during the day, before Friday morning’s jobs report. I wouldn’t bet the farm, or put my mortgage money on it, but I would be willing to place a reasonable bet that purchases made tomorrow, if the miners are weak again, would likely reward us well beyond what anyone else would expect… just because that’s what the markets always seem to do!
So, what do the charts have to say, if anything? First up, are those that fell on rather large volume, like: CDE, GLD, FSM, PVG, SSRI and ABX.
Others did so on average volume, like: SLW, RGLD, PAAS, SILJ, SGDJ, GDX and AG.
SGDM came down on light volume.
Our gainer, HL did so on average volume, while SLV did so on very light volume.
Average volume across all 16 was actually up 15% above the average for the past 50 days.
A lot of them are getting to levels of what should be very strong and critical support right here. They’ve mostly given up a lot! I’m hoping for more downside tomorrow, and if we get it, I’m going to step up and do some accumulating among these issues I’ve been listing every day. I’ll put it up right here, if and when I do, but it’s already been a rather painful correction for many, and if the timing indicators are saying anything, they’re saying it should be about to turn up. I’m willing to put some money where my mouth is, as the old saying goes.
Thursday morning, at 6:42 am EST, and gold is down a bit more! New post to come later in the day, if our scenario should shape up….
Here’s to your accumulation of real wealth!
Harold F Crowell