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After a rather dismal jobs report, the market is reacting in a decidedly negative manner. I had discussed some key S&P 500 levels on my video recap last evening, and we opened below 1200. Currently, the bulls are trying to hold above 1180. While some stocks are not necessarily getting slaughtered, down only 1-2%, the only real action that I see on the long side is with the precious metals miners, as RaginCajun and JakeGint have pointed out.
One miner in particular I am stalking is CDE. As you can see on its daily chart below, above $30 would be a major breakout for this heavily shorted silver miner, given that price has acted as both prior key support and resistance.
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Heart of the Scalpel. ID. Nice. I’m shorting gold. My rep.’s on the line here (haha, right).
Watch out for gold’s double-top.
Miners are the only ones that have yet to go parabolic and play catch up. IMO GDX has a 50% potential upside in the next few weeks before the whole PM sector rolls over. The fly in the ointment is the USD. I’m in GDX and waiting for the dollar to start down again. Maybe the hint of disguised easing will be the catalyst.