Metals rose a bit today, and all the miners did, too. I haven’t looked at a chart yet, but I would have to think that for as little as anything appears to have moved today, we are still basing, and the volume, if even lower, is ‘going to sleep’; which is a basing scenario type of situation… people throwing in the towel, giving up, selling out, and the others are purposely buying only a little at a time, to let the backing and filling, and the basing pattern continue. The longer it goes, the better the subsequent rally should be. So, what will we find tonite?
Here they are, all gainers on light volume: GLD, SLV, HL, GDX, PVG, SGDJ, RGLD, PAAS, SLW, SGDM, SILJ, ABX, FSM, CDE, SSRI and AG!
How light? Very light! Get this now, average volume for all was off by a total of 48% below the 50-day average!
Price support is holding fine. The base is now, depending upon which chart, 8 to 10 days long. Ten days is 2 weeks, and a sufficient base has now been formed. Anything beyond this is ‘gravy’ and will only help to make the base stronger and better! I’m pretty excited by what I’m seeing. The market is indeed ‘going to sleep’, and with a base in place, all we need now is some catalyst to wake it up and kick it off.
I’ve updated the timer, and it is saying, BE READY! Also, as I am inputting data for the stock market as well… it’s getting closer to giving a signal for stocks, too.
Here’s to your accumulation of real wealth!
Harold F Crowell