The metals barely moved, and the miners were down… while one was up. So, here we go again, the market is in a limbo, and looking to break one way or the other, and move. But, which way? Every indication, to this point, is that the next move will be UP, but it certainly has not launched yet. Does today’s action give us any clue? Until we examine all 16 charts, I cannot say. So, charts, talk to me, please!
Well, we’ve got losers, but on light volume, as with: SLW, RGLD, PVG, SGDM, SLV, PAAS, GDX, HL, SILJ, ABX, SSRI, CDE and AG.
But, others declined on expanding volume, like: GLD and SGDJ.
And, a gainer! But, on light volume: FSM.
Really? This should be easy… a slightly down day, price support was not broken, and volume was light. How light? On average, for all 16, it was 37% lighter than the 50-day average, and way lighter than last Thursday, Friday, Tuesday, or the up day, Wednesday. To be precise, the bull market is still intact, it is sitting at, or very near support, and it looks to be holding, and waiting for any good reason to launch.
What will be the catalyst? I’m sure I don’t know, but ideally, it would be absolutely super if it could kick off Friday.
May we accumulate real wealth in the metals!
Harold F Crowell