I saw where the metals’ prices closed higher than they opened, even if they did close down. I saw, too, lots of red in my trading account, but not big losses, save for my newly bought DRD. I’m sure that’s something South African related, or perhaps directly related to the company itself. I’ll check for news on it later.
I was outside and busy with recreational matters… too busy to concern myself with the markets. Probably a good thing, as they did close better than they opened. So, what would the charts be saying? If volume is picking up, then nervousness is entering in… but, if it isn’t, then no real concern has come to the metals yet. To the charts!
We’re looking at decliners on light volume with: CDE, MUX, SSRI, PVG, PAAS, RGLD, SGDM, ABX, GDX and GLD
Some others fell on average volume, as did: FSM, HL, ASM and SLV.
Still others fell on big volume, like: SLW and AG.
One gainer, and on heavy volume, too: RIC.
One monster decliner on monster volume in DRD. What’s with that? I’ll look into it.
Average volume for all 18 symbols was off by 23%, so you know nobody was panicking today… except in maybe DRD. Charting an average of all 18 shows that support is still in place, and considerably below the current average closing price, too.
Time to update the timer, and see if it’s getting anywhere near to signaling low risk in metals.
Well, saw the news on DRD. It was a statement issued by the company, but by the time I finished the whole thing, I couldn’t see where it was all that bad. I expect a bounce in it…
Tuesday morning, and the metals are up. I see all kinds of thing looking to me to be at price support, and I wondered if it my result in a bump or a bounce, and it would appear that it is. Let’s see what it will bring to the day. It could be good.
Here’s to your accumulation of real wealth!
Harold F Crowell