So, now it’s Tuesday morning, and the metals are up a bit overnight overseas… will this be the beginning of the end of this most recent slide, or will it resume after New York opens at 9:30 am EST?
I had said a number of times that this last ‘rally’ of sorts, from out of the 12/15 thru 23 bottom, up to what is now the 2/8 top was never considered real, or serious, by traders. It was completely overlooked, as it rose all that time.
Perhaps the consolidation, now correction, that has set in the past 3 weeks, will run its full course, and we can get a real rally going; as long as the December lows do not get taken out, and the next lift-off should take prices past the Wednesday, 2/8 top.
A move like that ought to generate some serious interest… you would think.
What started out rather nice really headed south at some point during the day!
Losses were large, and this becomes a correction, for sure.
Volume was big, too. It was an ugly day.
Time to sit back, and to watch and wait some more, I suppose.
Monday morning… the market’s open, and we’re seeing some more lift in the metals.
I’ll look at the charts and see if anything of note is happening, and briefly report back in a bit.
Nothing to report, really… it’s been consolidating/correcting since 2/8, and is now looking to bottom/consolidate here… while the metals, both silver and gold have been advancing. This would tell me that the certain direction of the miners will be up, and probably soon!
It’s Friday, and for whatever the reason, the metals are moving. If these levels hold, or continue to rise, it’s going to result in a mining share boom of sorts today, I would think.
I can’t imagine how that the ‘correction’ in gold stocks could continue with the metals prices doing what they are doing overseas, overnight. We’ll check in after the close… and, hopefully, be counting our blessings!
Whoa! I’m seeing some advance in the metals prices that I do not believe was priced into the miners while the stock market was open. If that is so, and these gains should hold, or advance even further, tonight overseas, we’ll have a very fine Friday in the mining shares.
I’m going to chart and observe the 15 symbols I follow, to see if there’s anything at all to report. I suspect there won’t be.
Thursday morning, 7:12 am EST and the metals are UP again… now about $1,238 an oz.
Will the miners quit their correction and start a new move upward?
If the metals prices continue to fare well, the miners will come back, test their 2/8 highs, and likely proceed thru them… but, I’m getting ahead of the market.
Or, maybe not… as of minutes before the market open, the metals are up a double-digit amount, and the miners will surely respond with a good pop!
The metals closed a bit higher… but, the miners were hit pretty hard, making them to look to be more into a corrective mode. Can’t imagine a correction could last long, if the metals won’t do the same!
Either the metals are going to follow suit, or the miners are going to come back before long.
It’s nearing 9:00 am Wednesday morning, and our markets are about to open. Gold is up from the overseas markets trading.
The chart patterns for silver and gold show more of a consolidation appearance, while the majority of the miners show more of a correction-type of pattern. This would likely be due to the fact that the metals advanced far further than did the metals during this last ‘rally’ of sorts since 12/23. It peaked on 2/8 and has been digesting this gain since.
What we want to look for now is a wringing of risk out of the market, within the technical indicators, if they will be helpful, and for a new reversal back to the upside, that will result in a breaking out of the price over that of the 2/8 high.
IF we should watch such a thing happen, here in the near future, perhaps we can witness a truly tradable rally that will excite traders into jumping on board with large positions. That’s the ideal anyway…………..
A look at the metals as they trade in their overseas markets at 6:20 am EST shows that we are still consolidating, and maybe even going to try to go into a correction……..
I need to update my timing program and see if there is any discernible low-risk measures beginning to set up in the technical indicators.
It’s Monday morning, and the metals are up a decent amount. If it holds, or rises any more, the miners ought to have a good outing,
I’ll look at the charts to see if there is any reason for either concern, or excitement… and, if I find either, I’ll get back here. If there’s no new news… I won’t.
Having just now looked at them… it looks like a consolidation of the recent 12/15-23 launched rise… and this consolidation commenced with 2/8.