A very simple update. HUI has been pounded down to the support area defined by the lateral cluster that was the May-June pattern, and has filled Gap #1, as expected. …
As often noted, we should all have decided whether we are an investor, trader or whatever other style of casino patron we are prior to the correction. I hesitate to…
SPX daily is at the top trend line of what could be a wedge. Huey is in a robo trend up in a channel. SPX weekly shows the 1.5 year…
I decided that it was time to take the rest of the reward for having taken the risk (and advising same in NFTRH) when it seemed most did not want…
A simple update to gauge the progress of the miners as they work through the consolidation/correction.
GDX and GDXJ did indeed break down from the bear flags we noted during the trading day on Friday.
Using the GDX and GDXJ daily charts, I thought I’d show some previous examples of bull flags so that now we can note potential bear flags. This is of course all speculation because a pattern isn’t activated until it resolves, but for reference here is an update from June 28 in which we noted several potential bull flags, which went on to resolve as expected.
Dalradian Resources (DNA.TO/DRLDF) is a stock that had been previously recommended by Mark at IKN, but which fell out of favor after a bad financing deal last year. I believe Mark recommended profit taking and moved on. This is actually irksome to me as well and so I do not have the warm and fuzzies here. Just trying to find laggards with good upside potential for patient holders.
A brief technical look at the precious metals sector using daily charts…
GDX remains in a series of higher highs and higher lows, consolidating in a flag down toward the 50 day averages. There is some negative divergence in the MACD and RSI.
Isn't it funny how USD, Gold, Silver and the miners all gapped up and reversed together today? It's now up to the Silver-Gold ratio to indicate whether or not the…
The gold sector's fundamental backdrop improved with gold vs. stock markets holding up trend parameters. But the majority may see dollar weakness as a key to the sector's fundamentals. These…
Silver (SLV) is breaking through resistance. Gold (GLD) is as well. Gold-Silver ratio and USD (UUP) are going in different directions today. This will not last. HUI led the Silver-Gold…
In not rising strongly after the FOMC minutes time bomb, the precious metals mining ETFs now have the potential to be building bear flags with their upward biases. This includes diminishing volume (GDXJ and SIL as well), which supports the bear flag scenario.
Yesterday it was noted that the reversal upward would be a good step in the right direction but that a weekly close in that state was needed to ‘confirm’ (to the degree that anything in a financial market can be ‘confirmed’ ahead of time) a reversal to bullish.
A quick look at GDX as a general guide to the gold stock sector. The pre-market indication is that GDX will fill the gap up from last week. After that…