Iso, key support at 205 HUI
Indicators aren't oversold enough on the daily to negate the top and provide for a bottom...unless we can go from here....the longer it takes to test 220 223 again the less likely it will be that it will hold in my opinion.
I'm a bit negative here... 20% off the top down to 205 or so on the HUI would be a reasonable correction...25% in miners and metals now...that's frankly a bit more than my read of the situation suggests is warranted...I'm going to be reducing the weakest members of my group on rallies....back toward the highs of the last couple of days.
The way these miners are acting, from my viewpoint, if the dollar ever rallied and gold rechecked $400 these miners would really hit the skids. Playing these twice removed vehicles from the primary event, the dollar, is a headache when they're lagging...
stockcharts.com[h,a]dbcaynay[dc][pb40!c200!f][iut!Lya7,14,28!Lb14!Lh14,3!Ll14!Ld20!Lya7,14,28]&pref=G
Following that douse of bearishness ....party on..I've been wrong before abouit these miners, but I think they've peaked for a while... |
