What? What so rarely happens? That we get our way with the market… The Thursday bounce, and the Friday morning lift… it was all for naught! The Fed speak that came out today was not conducive to the higher prices the early speculators were looking for, and so, the metals and miners sold off! We got our wish, and we got our way!!! So, I would expect volume to be right around the average, hopefully not less, and maybe, if we got really lucky, a little more! I’ll explain before I finish… first, to the charts.
I have 5 that rose, these on big volume: CDE, FSM and SLV.
These rose on average volume: SILJ and RGLD.
But, we’re really interested in those that fell, especially on big volume, like: SLW, SSRI, HL, PVG, SGDJ, PAAS, GLD, GDX, ABX and AG.
We did get one to fall on light volume, too: SGDM.
And, the average volume for all 16 symbols… O, yeh! It was up a tremendous 53% over the 50-day average of volume… just what we wanted. Folks are getting flushed out!
Here’s what this means; the metals market is now likely to take a little while to get sorted out. Hopefully, just long enough for us to get the signal we’re looking for! Just a couple more days, especially with a bit more downside price action, and the timer will signal a low-risk entry opportunity. I expect we might catch one next week!
Be patient, but get ready!
Here’s to your accumulation of real wealth!
Harold F Crowell