Loading ...Not Likening Today’s Action in the Miners
The miners have been holding up well in spite of the sagging metal prices – until now.
The necklines on the PM indexes are proving to be Hot.
$GDM rejected a second time at the neckline (and this time at the 50 DMA)
$GDM – Daily
$HUI – Daily
$XAU – Daily
GDX – Daily
GDXJ – Daily
SIL – Daily
SILJ – Daily
A bull market in precious metals cannot be part of the monetary plan our leaders have in store for us.
That’s an understatement.
The Whole market feels heavy
Maybe the Everything Bubble has finally Popped
It hasn’t quite yet. But my charts do say we’re getting closer.
I’ll update my views on that once we get closer to that point.
I’m watching two areas especially closely. Crude and VOLs.
I have a pending LT sell on crude now, with another bounce yet to go (W2 or W5?)
VOLs like VXX have been quite muted. They normally lead.
Fly in my charting ointment is that I still do expect a significant dollar down move, and that’s normally a Risk On event, not Risk Off.