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