The day bugs have been dreaming about…
A massive stock market correction (due to inflation no less) with gold, silver and the miners making mini moon shots. Finally, comeuppance. Justice. Whatever you want to call it.
And it lasted all of about 4 hours before completely reversing.
I swear, the market is a perfect foil to human psychology. It knows exactly when to turn the screws.
Personally, I am now concerned about my own short term thesis on HL stablizing above $5.25. HL is putting in a massive outside day reversal today, which most traders are going to see as writing on the wall to bail out. If HL falls back below $5.25 it could be months, and potentially even next year before that level is regained. And that’s the bullish scenario.
Don’ fret. This move back down is corrective, nothing to worry about.
Honestly, today is the first curveball that’s been thrown at us since the February low in the miners.
But oh what a curveball it is, with the USD breaking out (at least UUP) and everything tanking. And today’s candles… conventional TA would suggest today’s highs wont be taken out any time soon.
Gold will be fine. It’s the miners that worry me.
This move back down is corrective (YES), nothing to worry about. (NOT YET BUT)
Sirs Pedro and Nautilus,
The keyword is BUT
First Majestic (AG): sold some on 4/8 at 8.045
Sold more AG on 4/9 at 8.27
HMY: sold some today (4/12) at 9.735 (previous sell 8.763 on 4/4)
Bought juniors with all the proceeds.
Cash in account $0.01
GL
Relax. The ones who panicked were the banks who had to put the lid on at all costs. Even it it revealed their hand