Today looks and feels like a breakout day in the PM stock indexes as some of the triangles are beginning to give way. At this point we should see a backtest to the top rail which will give us more confirmation the breakout is taking hold. Another piece of evidence is to see the price action takeout the high of the triangle.

You may have noticed that the PM stocks were up strongly today while the metals were weak. This is a very big clue that the bull market in PM stocks is starting to take hold. The PM stocks have been underperforming the metals for almost 20 years now. The last time the PM stocks really outperformed the metals was during the initial move out of the 2000 low and lasted about three years or so.