VT, looking at the hourly GDX, a rally beginning tomorrow?
MACD is still in a negative configuration, RSI is falling and below 50, DMI is in a bearish config and getting worse..CMF just went negative...Price action contained by operative downtrend line.
stockcharts.com
Things didn't fall apart today as I was worried they would but there wasn't much positive progress for inflation protection metals on a day when CRUDE made a new contract high close.
Earnings from the big financial concerns out this week ought to impact the dollar, but in that curious way that if they are bad money will flow into treasuries supporting the dollar. Should PPI and CPI surprise to the upside metals and miners ought to find some more friends, but in the curious upside down world we live in, higher CPI will reduce expectations of FED easing and help the dollar with a negative impact on GOLD, Silver, miners, etc...
Frankly time for a significant rally in miners and metals I just don't think is nye, the stars don't seem aligned, or something, and to my eye the technicals while relaxed and capable of firing up aren't giving me any clue that they are about to...
I think we all hope your read is correct and we get some seasonal play out of the PMs beginning soon...
30% cash but ready to pounce... |
