Yesterday we had some supports threatened and in some cases broken. Today these are being repaired. Further, the Silver-Gold and GDXJ-GDX ratios remained at a potential bottom and a short-term uptrend respectively.
This play by play on a wild and volatile market brought to you by your friends at biiwii.com ;-)
As for some indicators, Silver-Gold ratio is above the support zone after becoming over sold. Yesterday did not change that.
GDXJ-GDX is still in a series of higher highs and higher lows from the December low.
What’s it mean? All I can tell you is that yesterday’s damage and today’s recovery taken together did not change anything by these measures.
Also, some individual items lost support yesterday (ref: GG chart) and today appear to be recovering them. We’ll see what tomorrow brings. Another whipsaw or some upside follow through? But the above indicators are fine and HUI-Gold ratio held its 50 moving average as well.
HUI 220-225 remains open but so too does an end of the short-term correction.
I will tell you that I got hit with a lot of bearish stuff last night by email, which is a positive sentiment wise. It’ll be interesting to see the sentiment and CoT data on Friday.
