Okay, so today I see the metals closed off a bit, but are now up a tiny bit overseas. It looks like my trading account is pretty much all red. I’m not privy to any news, and I’m just going to guess that volume was again quite light.
The dollar strengthened, but if it truly strengthened any really meaningful amount, why didn’t the metals fare worse?
To the charts… they ‘know’!
Sure enough, losers on light volume: GLD, SLV, SGDJ, SLW, SGDM, HL, SILJ, PAAS, CDE, SSRI and FSM.
But also some losers on average volume: GDX, RGLD, ABX and AG.
We’ve got one gainer on big volume in PVG.
The average volume for all was 15% below the 50-day average for all of them. The case for the bull market is still intact. It has yet to be violated. What does the timer say now, in light of this day’s data?
Price is basing, but F1 in the timer is at 3. The scale only goes to 0. F2 is near to -8, the lowest I have it getting to in the past that I can see. F3 is at 1 or 2, and it also only goes to 0. F4 is now under -5, and is about as low I can see it’s ever gotten. F5 is under 40, at 35, and is looking to turn up. Finally, F6 has hit the floor at 0. It’s never stayed there long before.
I’m expecting an upturn any day now!
Here’s to your accumulation of real wealth!
Harold F Crowell