Thursday, June 22, 7:09 pm EST. Metals look pretty good, and the miners did real well! Does it mean anything? Well, I’d want to look at the charts, the volume and the timing indicators….
The prices rose well. Volume did expand… somewhat. Remember, Wednesday, it was some 42% below the 50-day average. Well, for Thursday, it was greater, but still 26% below the average. I haven’t updated the timer. Don’t really need to. The indicators are not likely to have gotten any closer, so I’ll update after I’ve gotten back home off my vacation Friday.
What do we make of it? Well, prices have continued a bit higher overseas, since the US close. Anyone wanting to give it a go should only do so with the utmost of caution, as there is just no fire lit under this ‘lift-off’… such as it is. I don’t have any real confidence in it, and I won’t until volume were to expand to at least something above the 50-day average.