Thursday, the metals closed down a little, as did the miners. I show many losers, but no big ones. My guess is that volume should be reverting to the average, as it had been so low all summer, before the Labor Day weekend. But folks are getting back to their trading desks, and next week will be their first full week back. Expect volume to pick up.
I was away last evening to a traders and investors meeting. But, the charts are still fresh from Thursday’s close, so let’s see what they might have to say, then I’ll update the timer.
We’ll start with decliners on light volume: CDE, FSM, SILJ, SLW, HL, PAAS, SGDJ, RGLD, SGDM, SLV, SSRI and ABX.
Others declined on average volume: PVG and GLD.
One went down on fairly large volume: GDX.
And, one gainer, on average volume: AG.
I’m wrong. Average volume for all was off by 23%. No fear here. Rather, traders are complacent.
Now, it’s Friday morning, 8:15 am EST, and the metals are still in decline, being off a bit more overnight. Enough to hurt miners? It doesn’t look to be at this time.
I’d love to see some more sideways to down action… flush some more out of their shares, and for all my indicators to reset again, for another run. This last one, since Thursday morning, last week, was simply too far, too fast. It wasn’t a good sustainable rally start. You want them to pop once, and pause a bit. It did not do that.
Here’s to your accumulation of real wealth!
Harold F Crowell