First off, Merry Christmas to those that observe. I will be attending services later this afternoon, which counts as Christmas attendance somehow. I suppose we can all pretend we’re operating on Jerusalem Standard Time or something.
Next, in looking at market action on this abbreviated day, I keep being drawn to $EKX, a degenerate silver mining stock that a lot of us like to trade. Of late, the stock has been diving like a submarine crossing the 100 fathom curve heading out to sea on patrol. The recent fecal cliff worrying has likely contributed to its price weakness. The stock is now near long term support near 7.70 area and is very tempting for a patient swing trade. I have a now stale starter position in this name from 8.10 that is about two weeks old, on which I’ve been early. I would consider adding but I need to see this long term support area hold as I very rarely add to a losing position. However, the risk seems manageable from here. Of note $EXK is not quite oversold on The PPT, but close. I will use the hybrid score as a reference for any potential add. Below is the weekly chart of $EXK.