Yes I remain bearish, however I yearn for the day when I can lay out my full line in the PM stocks. Well, here is one that looks pretty bullish right here. It might be worth a flyer as they all won’t turn together. Maybe this is part of the early vanguard. To be honest I never have cared for Silver Standard since they booted Bob Querterman, but I have to admit this stock looks pretty promising here. There are a few others also. Lets take a look at it:
Here is my Standard “tool” chart. It gives me an instant view of where the stock is at. And it looks good. We see it has advanced above its rising 30 W EMA. Plus it looks to have finished up its initial basing. Maybe even completed its stage 1 base. This process usually takes a few initial penetrations above the 30 EMA before it has turned the tables and made a transition from bear to bull. Certainly not a sure deal yet, however it looks like the process may very well be complete. Note also my indicators if OBV, Accum/Dist and relative strength vs SIL all are on the rise and have a positive relationship with their own 30 EMA. Everything looks in gear here for a move upward.
Now let’s look at the daily:
Here we see a very nice breakout above the 150 EMA (30 week proxy) Nice confirming volume. I wouldn’t let that top wick in the candle worry you on Friday as it is just an initial bounce off resistance. All other indicators look good.
Let’s look at two long term looks and see what it is saying. The 5-year weekly shows that it very well may be a transition from stage 1 to stage 2. Too early to make that conclusion but this is what they look like. Nice retest on the 30 EMA currently.
And Finally here is the 10 year monthly.
Here is my fly in the ointment chart. It shows its too early to declare a bull market. What I look for is a confirmation of the 10 Month MA crossing over with the 20 month MA to validate either a bull or bear market. Its obviously a lagging confirmation, however it is useful.
So there you have it, a possible vanguard issue in the upcoming bull market. Personally my opinion is this is still in a bear market destined to go lower, however it is one of the early leaders and the market may no longer restrain it. We will just have to watch