I’m no genius, I’m just blessed… and/or lucky. I entered the day with a plan. It was simple. If the miners open down, I’m going to buy some. If they’re even lower before the close, I’ll buy some more. If Friday tries to kill them, I’ll buy a lot more. So, here’s what happened… the miners opened quite a bit lower, so I stepped up and was a buyer before 10:00 am. They turned higher, and traded better throughout the day, best I could tell.
I got word about AG from a friend, and looked into it. Something smelled, but I had goodly profit, even 4.34% on the shares I’d bought this morning, so I sold them all, just to step out of the way, if there was going to be any trouble.
My only purchases were this morning… so, now we await Friday. The jobs report is expected to be a real market mover. If, for any reason, it results in a big metals and miners sell-off, I’m going to aggressively add to my holdings. Simple.
Why? It’s a bull market, and it will remain a bull market until it isn’t any more… and, my take is that it’s going to be a bull market for quite some time, until it demonstrates that it isn’t. In a bull market, you buy the dips, and you aggressively buy the panic sell-offs. It really is just that simple.
If it’s a bull market, and everything inside of you is saying don’t buy… even sell. That always proves to be the very best time to buy, buy, buy! I got this way by noting the technical indicators in my timer. When they were saying risk was wrung out, and then a sell-off ensued… that’s when I would back up the truck! It’s totally counter-intuitive, but it absolutely works, every time!
So, what about today? It opened down, and they closed up. My guess is that volume was probably a bit better than average, but I really don’t know. Let’s go right to the charts and see. I’m giving AG the boot as an outlier. It’s presence skews the results.
I’ve got gainers. They were UP today. These rose on pretty good volume, above their average: CDE, SLW, FSM, PAAS, RGLD, PVG, GDX and ABX.
Others only rose on average volume: HL, SGDJ, SLV, GLD and SSRI.
Still others rose, but on light volume: SILJ and SGDM.
The average volume for all 15 symbols was up by 48%. Technically speaking, today might possibly qualify as a reversal day. That is, with the morning sell-off, and then the intra-day rebound, on pretty decent volume, like it was… it’s saying that today may have already been the reversal day. Friday will be the test. If they resume their advance, and the volume is strong, we’ll want to consider whether to add more immediately, or not, as that might be the ‘bus pulling out of the station’… and we want to be on board, with as many shares as we think prudent for our accounts and tolerance for risk.
So, now, we watch, and we wait for Friday morning… 8:30 am EST.
I updated the timer, and it’s good to go. F1 got under 10! F3 actually got down and is touching 10! F5 is all the way down to 29, and F6 just bounced up to 4, from 0. These 4 have all solidly signaled. F2, at -4, is okay, and F4 at -2.6 is only so-so. They don’t matter so much, and I’m of a strong opinion it’s become Buy time! It will be very interesting to see what Friday morning brings.
One hour before the jobs report and the metals are down a very little bit. The tension builds. My hope would be for some serious downside, that I might add some more shares at lower prices. I don’t always… no, strike that… I almost never get my way!
See? Told ya… I almost never get my way. So glad I did some buying yesterday morning. But, now, of course, I sure do wish I had bought a whole lot more!!! 8:35 am EST, and the metals are way up!
Here’s to your accumulation of real wealth!
Harold F Crowell