The metals didn’t move a great deal, but the move was up. The miners liked it… a lot! I’ve a lot of green in my trading account… only 3 declined. My guess is that since it was all pretty positive, it also appears to have been mild. This leads me to think that the volume was probably about as dead as it has been for at least a week now. Was it? Let’s take a look!
I see, first of all issues that rose today, and on approximately average volume, like these did: CDE, AG and AUY.
Ah, but we’ve got a gainer that did so on some pretty impressive high volume, too, like: HL.
Movers to the upside on really light volume were: MUX, SLW, ASM, PVG, RGLD, SSRI, PAAS, SGDM, ABX, GDX, SLV and GLD.
As I had said, we had some decliners, 3 of them, and these were all on big volume: FSM, IAG and RIC. I may want to check for news on them, especially IAG, as it didn’t look like any of the others today. It’s price action was unique.
Average volume for all of them was off by 27%, and qualifies as another rather dead day…
The point of what I think I’m seeing is that it looks to me like it is consolidating the last price move that commenced after Wednesday, July 20, and especially, for most of them, the real turning point was Monday, July 25th. As long as prices continue to remain above those recent lows, what is technically building is the strength for the next move up, that will take prices beyond the recent highs of Tuesday, one week ago.
We do have some new price highs in: CDE, HL, AG and SLW.
Here’s to your accumulation of real wealth!
Harold F Crowell