Remember the game, Chicken? Who will turn away first? Who will blink first? It may get scary. I first go to Kitco to see that the metals were lower. I then go to eOption and look in on my trading account, and everything there, but one, closed lower. It’s day 8 since the Wednesday, Sep. 21 pop that was thought to have been the turning day that a new rally might have been starting… so far, it has not been. There’s really only 2 more trading days to go, Tuesday and Wednesday, before 10 trading days will have passed, and the idea that the 21st was it will have been pretty much shot to pieces.
We’re getting so very close to hitting price support again, and traders will be getting poised to either resume their buying, so as to kick this off again, or perhaps sell and bail out, should support fail. Which will it be? Will charts give us any clue? How ’bout the OEXpert 7 timer? I need to update that, too.
We’ll start with symbols for those that declined, are approaching, or, are at, price support, but on lesser volume, as with: GLD, RGLD, SLW, PVG, HL, SILJ, ABX, SSRI, FSM and CDE.
Of greater concern, would be any that are approaching, or at, price support, but on greater volume, as with: SLV, SGDJ, SGDM, GDX and AG.
And, one gainer on light volume: PAAS.
The actual average volume for all 16 was 21% off from its own 50-day average of volume, but Friday’s was 27% lower. Monday’s average was greater than Friday’s, or last Thursday’s. The selling volume is rising, as the prices continue to slide. This is the rise of anxiety… traders selling before they just might have to. These are the sellers who do not believe that support is going to hold.
Me? I’m going to update the timer, and look at my charts in stockcharts.com to see if they have been setting up what is called the P3 buy signal. As I update myself on all of that, I’ll add to this post.
Checked the charts in stockcharts.com for P3 Squeezes, and found none. That was a bummer. So, what of the OEXpert 7? Coming up next… So, I’ve inputted the data, and the indicators are all turning, or already running back down to signal. The previous signals are still valid, but any resetting of them only serves as confirmation, and one or more will commence to do so with just a couple more days of this.
My interpretation of what I am ‘reading’ in all the charts is that this is still a bull market. It’s a bull until it isn’t any longer, but it still is yet!
Here’s to your accumulation of real wealth!
Harold F Crowell