Bottom found?Did someone sit on their hands?
And is it last summer again? A friendly bet? Sold most of my FR then....can we replay the last 7 months? :)
Time will tell if we have a redo of last summer which was the " mother of all PM setups ".
:)
SLW post yesterday - semi capitulation by hedgies. Good timing on selling SLW puts.
Chart monkeys - seeing support hold on numerous pm shares - firmly flipping with a shout out to Fedster " Gentle QE Ben B "...:)
Oversold? Hello? We're down 30 % in less than a month. You might say so. SLW down almost exactly 30 % as well. Just a reminder to fellow FR posters that when silver corrects - we follow. Look at the majors....see below. Creamed. You bought and held some majors since summer? You are UNCH!! $$ went into " jr leverage " land.
About time...too!
Being a silver proxy cuts both ways. Is this the bottom? I'm not that smart. I'll watch....Let the tape be your guide.....GLTA!
As posted elsewhere.....
So it was the chart monkeys that saw the retest and got back in stock XXX today.Especially when you saw the majors bounce early even when gold sold off....often a sign of a turn.
Chart monkeys watching these? Off support...ETF buying? Some majors bouncing off of june/july.august levels! HELLO!!!
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=0&id=p52756778744
https://stockcharts.com/h-sc/ui?s=AEM&p=D&yr=1&mn=0&dy=0&id=p66583751615
https://stockcharts.com/h-sc/ui?s=GG&p=D&yr=1&mn=0&dy=0&id=p45007525285
https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=1&mn=0&dy=0&id=p82594713149
Just a bounce till proven otherwise. Every jr PM share on my screen is up 6 to 18 %. Nothing goes down every day. If it did...stock XXX would be zero by April....:)