A look in on the metals indicates they did absolutely nothing today. Gold’s off $2, and silver was flat. So, there was NO bounce in the metals. A look in on my trading account shows considerable green, while some bounced a good bit, and others barely moved… with one or two even closing lower. That’s not what a true bounce in the miners should look like. I’m going to suspect volume lightened up considerably. Had it been any kind of a serious bounce, I would think that volume would have expanded. But, until I read the charts, I’m speculating, which I always do first, then confirm or deny it by the charts. What will they say?
I’ve got gainers on average volume, as with: CDE, SSRI, SGDM, GDX and ABX.
Gainers on big volume, like in: SLW, SILJ, HL, FSM, PVG, PAAS, SGDJ and AG.
There’s losers on light volume with RGLD and GLD.
SLV gained on very light volume.
Well, I’ve got to say, I am just a bit flummoxed. Why? I redrew brand new support lines Wednesday, after the smash, and nearly every issue declined intra-day today, and touched my support lines before they turned back upward. I was nowhere to be found to watch that, and to try to accumulate some shares at that point. Wouldn’t that have been sweet?!?!? O, well….
Average volume for all was 4% below the average, and well below Wednesday sell-off volume.
I’ll update the timer, and see if it has anything to add.
Friday’s supposed to be the big day. If the Fed comes out with dovish words concerning another rate hike, the metals will likely move higher, and today’s miner rebound was based upon those speculating that is what will happen, and want to be in beforehand. If, however, on the other hand, the Fed should sound hawkish like they’ll raise rates any time soon, look for the metals to settle back further, and for the miners to get hurt worse… at which point in time, were that to happen, I would want to step up and become a buyer. More later….
Okay, I’ve updated the timer. I’m going to have to say that it is NOT signaling here, and that it would require more time and downside on the price to get there. I want more downside. I want to see price, and the 6 indicators all get to their respective low-risk entry signaling places, where I can confidently say… It is time to step up and be a buyer. Will tomorrow’s Fed release give us that opportunity? O, we can only hope so!
Here’s to your accumulation of real wealth!
Harold F Crowell