Was hoping they would be much stronger, especially relative to the metals.

At this point I am expecting gold and silver to break down in the next couple of weeks to join the party.  If they don’t, it will make the relative performance of the miners over the last couple of months even more disappointing.

At least the weekly MACD is resetting so we will have that headwind out of the way.  Apparently the mining indexes cannot form major bottoms unless the weekly MACD is neutral or negative—this is certainly born out by the long term charts.