Please see the previous post or two… I said I’d also examine the charts after the Monday move.
It was an up day, but not what you’d expect, as the day opened higher than it closed, but closed considerably higher than Friday… that sends a very mixed message, so we have to go inside and look at all 16 symbols we’re tracking.
First, we’ve issues to the upside on average volume, as with: PVG, SLV and GLD, RGLD, GDX, PAAS and SLW.
Others rose, also, but on light volume, as with: ABX, SSRI, SGDM, NUGT, SILJ, HL, AG, FSM and CDE.
So, despite initial appearances, a peek under the hood, suggests that both price, and especially volume, which was not above average, but 11% below average… Monday was not a follow-through, confirmation rally type of day. I’m sorry. The jury is still out, and time is also running out. But, this Tuesday could be significant for the reasons I just posted earlier, and, the metals are up before the open, as I type… so, we now watch more closely, and wait, poised to pounce, if circumstances give us the Go!