I know that gold and silver closed up some today. Not any great amount, but up nonetheless. Yet, the miners were kind of all over the place. Some up, some down, and some of the moves were considerably larger than the others. What could this mean? Until I look at the charts, I can’t begin to figure this out. And, the volume? I’d guess it was light? Let’s see…
Issues up on light volume were: SLW, SILJ, GLD, SLV, SGDM and AG.
Those down on big volume were: PVG and HL.
Miners down on light volume were: RGLD, SGDJ and GDX.
I’ve got some down on average volume, too: FSM, CDE and ABX.
Even some up on average volume: PAAS and SSRI.
Prices? All over the place. Volume? The average for all of them was off by 18%. It was one go nowhere, do nothing, kind of day… But, we’ve got 3 right at price support, as I see it, and all 3 held. They would be: PAAS, CDE and HL.
I wouldn’t expect anything more to happen at this point, as it would appear that everything, stocks, metals and miners, are all factoring in an interest rate increase, and a strengthening of the US dollar. I feel that would be a great mistake, in the light of everything I think to be actually happening in the US economy and around the world. Our economy is only tepid, at best, and a rate increase, and rising dollar, would only push us in the wrong direction.
It’s a bull market still, and it will be until it isn’t. Whereas, it has peaked and been weak for weeks, I hardly think it’s dead… only consolidating, and correcting. My take would be that it is closer to a bottom, than to the top, and that new life will likely come into it after the Fed pronouncement, especially if there’s no rate increase. A relief rally is likely on its way!
As for the timer? Some of the indicators are headed back down to attempt to reset. They would actually need some time to do so, a few days, at the very least. I’m not familiar with this scenario in the timer, so I’m not sure that it either will, or even needs to. It has signaled, and the prices haven’t really lifted off yet, but, as these fall back, possibly to re-signal, they are approaching what I perceive to be price support, and it’s holding up just fine. About the time any more got to their support levels, the indicators would also be giving their signal.
I’ll re-iterate my previous strategy. One could be a buyer here, place tight stops, and sell right back out, if support were to collapse. Not that I’m going to, but, that’s what aggressive traders would do right here. I prefer to wait until it actually turns up with some vigor.
Here’s to your accumulation of real wealth!
Harold F Crowell