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It is tough to get involved with a tape that jumps around at random as much as this market has. Thus far today, we hit the highs right at the opening bell, and have been fading since. Gold is still ripping higher, and that has been a key part of the “fear trade” over the past few weeks. The bulls were really looking for gold to roll over here, and that just has not happened yet, despite how stretched it is to the upside.
That said, the silver miners that I discussed in a video over the weekend are breaking higher as a group in impressive manner. They have had time to form bases, and if these breakouts hold I will likely look to get involved with that group.
great call on silver miners ! loVe that John Coltrane- in a sentimental mood, miss nyc !