I’m going to take the 16 charts, one-by-one. NUGT had a 22% day Wednesday, by the way!!!
First, those that rose on big volume; they are: SSRI, ABX, PVG, GDX, GLD and SLV, SLW, NUGT, SILJ and FSM.
Not all rose on big volume, these lifted on average volume: SGDM, PAAS, RGLD, HL, AG and CDE.
I expected all to be up on big volume, but that was not the case. However, the average volume among all 16 issues was ahead by a whoppin’ 65%, and that is significant! It is not to be ignored.
So, here’s where things stand. We put in a significant technical low around the December 15 thru 23 bottom. It rose well into 2/8. Not on volume, mind you, as I lamented the entire time about how weak and uncommitted traders were to that rally. Since 2/8, there was a correction of that 6 week ‘rally’, until last week. Then, last week, I wrote that it appeared to be trying to bottom, and find support. That support was holding up fairly well, and then, yesterday, it popped really well, and on significant volume.
There is now a higher low, or bottom, in place from last week. Thursday, 3/9, marks that point. AND, as of 8:34 am EST, our market has opened STRONG.
Friends, I believe this is real, and can be traded. Use a mental stop, and pick where you’ll stop any loss you’re willing to accept, but this is going to likely open strong this morning. There is typically some profit-taking toward the end of “Amateur Hour” and if you want to participate, put some in, then wait for further confirmation further out, which will come within the next 10, but better if within the next 7 trading days. That will be another pop, on more big volume, as traders start to jump in. IF, we get anything like that, pour it on, and move your stops up, because we could be in for one truly profitable run! Whoohoo!
The profit-taking I wrote of earlier is currently in play now, as of 10:18 am EST. Will a rally resume from out of it?
Here’s to your accumulation of real wealth!
Harold F Crowell