Metals rose modestly today, and the miners acted as if a whole new round of stimulus was announced! What are we to make of that? I don’t know, and I don’t care… I’ll just take it! Wonder what the charts will reveal?

Big gains, but only on average volume: HL, GLD, SLV, SGDM, FSM, PVG, SSRI, AG and CDE.

Then, gainers on BIG volume: PAAS, GDX, RGLD, ABX, SLW.

Well, there were light volume gainers too: SGDJ, SILJ.

Judging by the volume, only 22% greater than the average, and the distance we’ve recovered since the decline commenced, this would still only qualify as a dead-cat bounce, so far. We can’t put too much hope into it just yet. The technical damage of Friday was great, and this two-day upward bounce has not undone that yet. Caution is still advised.

Here’s to your accumulation of real wealth!
Harold F Crowell

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s