From the previous update: “If HUI can cross back over the 206.66
October [June] low, I’ll take even more note.”
Okay, so I am taking note…
Here we go again with another in-day reversal. I continue to hammer on that any real rally will not care if positions were taken at 210 or above 230, where the 50 day averages reside. So please, if you are looking to buy the next bull market and hold, why not wait?
But we should note that despite the in-day drop below, a retest of the June low of 206 has not failed. Subscriber ‘FL’ advises that his broker in Vancouver says it was funds blowing out million share blocks this morning due to redemptions. If so, the buying to get HUI back above its obvious ‘lower low’ point (assuming it holds) is notable. Nothing more, nothing less at this point.