It was a positive day, but I’m doubting that it was pivotal. We’ve been rising for some time now, but never on any volume that said it was being confirmed by any large body of traders who were willing to commit to it… yet.
Let’s see what this Wednesday has to tell us, if anything. To the charts…
It appears that they all went up, and we start with those that did so on big volume: PVG.
Others did so on light volume: SGDM, GDX, ABX, AG, PAAS, SLV, GLD, SSRI, SLW and HL.
Still others on average volume: SILJ, FSM, CDE, RGLD.
This is easy… average volume for all 15 was off by 29%. There’s nothing going on here yet. Hang tight. Keep stops close, or just sell and wait. This ‘rally’ hasn’t found any legs yet.
Shortly after 9:00 pm EST, and the metals are once again doing well overseas… let’s see if this might take us anywhere Thursday!
Here’s to your accumulation of real wealth!
Harold F Crowell