Saturday, July 8, 6:52 pm EST. Okay gang. Let’s see what’s going on now. First to the charts.
Gold has broken May support, and we now have March and December lows left. Forget May. Not so with the miners, however. Most closed above May’s support level. Silver has even taken out the December lows!!! That’s not a good thing…. Two miners are also looking ill, having taken out their support levels: ABX and PAAS.
As for volume, well, that’s swollen to where it was 21% above the 50-day average of volume. That’s a lot of folks throwing in the towel, considering so much of the volume of late has been well below average. The question is: Is this the bottom? And, the answer is: I don’t know, but an update of the timer, and a look at other technical indicators within stockcharts.com might be of some help. Back in a few…
Well, according to the OEXpert 7 Market Timer, risk has been very much wrung out, and we might want to look for a buying opportunity to show itself. If it does, it’ll be an up day on greater volume than anything we have seen of late… begin to watch for it! Remember, it’ll be just at that very time when no one else is looking for it anymore, that it will finally show up. Are we at such a point yet? Possibly!