Tuesday, August 1, 8:56 pm EST. It’s more of the same. Metals and miners are not making any significant moves. It commenced to ‘rally,’ back on July 12, but that’s run out of steam, not that it ever had much, and has been moving sideways since the recent pop last Wednesday, the 26th. That’s fine! If that move was ‘real,’ then the market needs some 4 to 7 trading days to digest it, and we are now entering that time period, 4 to 7 days later, when we would want to see another similar pop in price, and on expanding volume again, as a way of confirming that this ‘rally’ actually is real.

It just hasn’t given evidence that it can be trusted yet, and only a truly good price move on volume could convince the jaded skeptics, like myself, that it’s worth playing at all… for now, I just have no faith in it.

Oh, and I almost failed to mention… charted price for an average of all 16 symbols is bumping right up against the line of overhead resistance that I draw connecting all the recent 5 past tops since early November. It will help should it push through that, as well!

Harold

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2 thoughts on “More of the Same

  1. I have been noticing NUGTs Volume Index creeping up over the past week. Has gone from mid to high 70s to 80 early this week, 81 yesterday and almost 86 today.

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  2. Ah, I’ll have to take a closer look than I have been, as I’m not willing to commit until I see some real confirmation across the metals and the miners, indicating broad participation… otherwise, I’d think it’s the real risk-takers and gamblers trying to get in early, only hoping it’s going to work out. These are the type that will bail fast, too, if it does not. Harold

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