(Thanks to ‘Shed for the family photo)
As expected, the miners have begun to consolidate a bit of last week’s (and last month’s) run up. Nothing major mind you, but the $HUI tells the tale here. Remember this weekly chart from the 22nd of May?
A little more than a week later, the $HUI is behaving as indicated. Remember that red line — the “likely target for a short rest?” Here’s today’s same chart:
This wholly expected retrace may bring us as far back as the top of our “consolidation box” ($375-ish). But if the dollar and the 10-year continue to exhibit problems, I shouldn’t expect this rest to last much longer than that. I will be using this time to aggregate some names like [[GG]] and [[AUY]] that I’ve been looking to add. Those of you who have been waiting for a Jacksonian entry may want to consider this week’s opportunity as well.
One other thing, I’ve been thinking about water as an appreciating commodity recently, and many of the water-related stocks have begun setting up nicely. I may take a shot at grabbing some of the desalinator [[CWCO]] tomorrow if the stars are properly aligned.
Note the new “comments” section on the JCHP performance chart. Innovative, no?
Best to you all.
| Name | 1-Jun | % Change | Comments | ||||||
| ANDE | $ 26.00 | 3.59% | Moving with the Ags | ||||||
| EGO | 9.69 | -2.32% | Accumulation opp. Here | ||||||
| GDX | 43.41 | -1.70% | $HUI pullback | ||||||
| GLD | 95.73 | -0.49% | Resting for the leap to one grand? | ||||||
| IAG | 11.02 | -2.22% | Friday’s gap @ $10.92 | ||||||
| MON | 81.48 | -0.82% | Yet to fill gap @ $85.06, Barron’s mention ↑ | ||||||
| NRP | 24.24 | 2.45% | Low volume up day, KOL up big | ||||||
| PAAS | 23.39 | -0.13% | Still very much in uptrend channel | ||||||
| RGLD | 46.14 | -0.92% | Half volume day, pullback | ||||||
| SLV | 15.35 | -0.78% | Friday’s gap @ $15.06 | ||||||
| SLW | 10.49 | -0.29% | Friday’s gap @ $9.99, will it get there? | ||||||
| SSRI | 24.30 | 1.72% | “Indefatiguable”, Friday gap @ $23.26 | ||||||
| TBT | 55.52 | 5.47% | Gapped up, strong volume day | ||||||
| TC | 9.99 | 4.06% | Gapped up today, didn’t fill. | ||||||
| TSO | 17.51 | 3.36% | Hugging the top of the triangle, must break $17.80 | ||||||
| AVG | 0.73% | ||||||||
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