Loading ...Miners leading the PACK
PM-Miners (GDX/GDXJ) leading the pack DOWN and such is what we have learned … that both miners and Ag shows the direction.
Sure, one can continuesly advocate the PM-BULL narrative only to constantly fail and misdirect others.
Clearly these charts (with multiple overlays; see index) speak for oneself!
IMO.DYODD.
Me, I’m not so bearish. I actually see great opportunity in the markets right here. Not only in the PMs (especially silver) but also in Long term bonds (TLT, ZROZ, UTEN) First off, I am a sentiment trader as much as technical analysis. TA BTW will fail you especially at market turns and extremes. That is just when markets reverse when the charts look most bearish or bullish and that’s where sentiment comes in.
I like the historic seasonal pattern of a late June low followed by a slightly lower low in late August…. Gee that’s just what we have here.
And Bonds… I am so bullish on bonds I have bought 300 Nov 100 & 105 strike calls. Sentiment is so bad on bonds and traders so major short that once one of these geniuses moves to take a profit on their short it could spark a massive short squeeze. Opportunity is where one sees it!
However, bearish I am on QQQ and AAPL for a quick short term trade. Been short QQQ for a week now and entered a short on AAPL yesterday as it broke down out of its bearish descending triangle:
https://stockcharts.com/h-sc/ui?s=AAPL&p=120&yr=0&mn=2&dy=20&id=p65419124405&listNum=53&a=1481387338
Miners might drop more from here but I made the most money buying this sector when sentiment turned bearish and the charts looked awful. No leverage just going to hold what I have and will buy a bit more if we drop from here. I don’t see HL violating the $3.40 level or SILJ dropping below $8.00. I think in time buys here and lower will be profitable.
My novice take is that GDX has a date with low 26 soon – waning stages of wedge pattern going back to the 2011 highs and 2016 lows.