Thursday, 4/20 7:26 pm EST. Sixteen symbols, and only 3 were losers. So, what’s happening?
Gold is actually looking good. GLD has been having some big volume on up days since Friday the 7th. And, lift-off came after a brief bowl-shaped consolidation from Monday, 3/27 thru Thursday, April 6. It shows a true picture of health from out of the 12/15 thru 23 bottom… it’s just not being loved. Wednesday 3/15 set a new tone, and it’s had a more bullish appearance to it since. Besides 3/15, there’s been 10 other above average volume days of gains in GLD. It’s price has broken up thru its 50-day on that 15th. It’s exceeded and cleared its downtrending 200-day on the 11th of this month. The 50-day has been uptrending, and it won’t be long, another week or two, and that 50-day will break up thru the 200-day, for a Golden Cross. All of this is bullish, but it’s not getting any love… there’s no fire. What of any of the other symbols?
Truth be told, the miners don’t look near as healthy as gold presently does… not even silver. A goodly number of the issues I’ve been following look positively ill!
RGLD looks well; quite well. Let me post the rest as well or sickly-looking.
Well: RGLD, GLD and ABX.
Sickly: SLV, GDX, SLW, SGDM, HL, CDE, AG, SSRI, SILJ, NUGT and FSM.
In-Between: PVG, PAAS.
The miners, for the most part, are not doing as well as gold. That’s generally not a positive sign. I’d expect better. But, it is what it is, and I’m not going to candy-coat it. If gold should continue to do well, everything else will follow… but, it’s certainly doing that at this time.