I was away Thursday afternoon and evening to an investors meeting. Catching up Friday morning, I see that the metals appear to have moved little, though silver took a harder loss. And, a quick look in on my account, and I see considerably more red than green. One reader already wrote a comment suggesting that volume would still be light. I’m inclined to agree. So, it’s time to check the charts once again.
Let’s start with decliners on average volume: CDE, HL, AUY.
Decliners on light volume: ASM, MUX, PVG, SGDM, RGLD, ABX, RIC, GDX, SLV and GLD.
Losers on large volume: IAG.
Then, gainers on average volume: AG and SLW.
Some advanced on light volume: FSM and PAAS.
There’s one gainer on monster volume in: SSRI.
Again, some days the price and volume action might look confusing, on those days I focus on what happened with the metal ETFs, GLD and SLV, and with the mining fund, GDX, as well as with the largest miner ABX. See how that all 4 of those symbols were decliners on light volume? I also chart an average of all 19 symbols for perspective, and it also shows that there was a minor price decline, on lighter-than-average volume Thursday.
What this would be saying to me is that though prices fell, the volume was light, and therefore, there was no great fear. And though price is coming off, and approaching a price support level established last Friday, the 5th, it would appear that there is no fear in this market, yet, at all, and that the Bull Market would look to be intact… and, awaiting the impetus to make its next move; which according to all we see up ’til now, will be up!
Here’s to your accumulation of real wealth!
Harold F Crowell