Has the bleeding stopped? It would appear so. It looks like the miners are trying to base right here. If the OEXpert 7 timer is saying anything, it’s saying that risk in the miners has been largely wrung out, and that the upturn in prices is likely close, and not far off. I’ll update it, and report on its latest state of its 7 indicators soon.
Being as slow and as quiet as things were today… I’m thinking volume should have been very light. I took the day off myself… so, I’ll let the charts do all the talking.
We start by noting those that rose, but on light volume: GLD, SLV, SGDJ, GDX, RGLD, SILJ, HL, SGDM, SLW, PAAS, CDE, SSRI and FSM.
Decliners! Yup, we’ve got losers on average-to-light volume: PVG, ABX and AG.
I got the volume call right. The average for all 16 was 43% lighter than their 50-day average. Guess I wasn’t the only one to take the day off!
Metals prices are doing nothing overseas as I write at 7:20 pm EST. I’ll add the timer report next.
With the timer, 1.) Price is under its two lower trading bands. That’s a signal. 2.) F1 is under 10. That’s a signal. 3.) F2 has gotten under -5. That’s a signal. 4.) F3 has gotten under 10. That’s a signal. 5.) F4 has gotten under -4 on its scale, and that, too, is a signal. 6.) F5 is once again under 40, and causes it to signal. Finally, 7.) F6 has gotten under, and dropped to 0. That’s a signal. The OEXpert 7 Timer is all in! Look for a turn up anytime now.
Here’s to your accumulation of real wealth!
Harold F Crowell