RE:smackdown in the minersThat was exactly my point in selling Novo. I think it held up very very well in the downdraft of all the other miners. I will definitely look at it again when I think the weakness has culminated. I will be more proactive in trading it though in the future. I will try and post soon after I THINK the bottom is in for all the shares and perhaps I'll have a clue about Novo at that time as well.
Silverwhere wrote:
Fri Feb 09, 2018
From KWN:
I thought it was also important to share Bill Fleckenstein’s note about the continued selloff in the mining shares:
“The GDX and most individual miners were smacked again today for the seventh day in a row and the tenth out of eleven, so the selling has gotten quite lopsided. Both the miners and gold are so out of favor that people who dislike them probably assume that gold is doing worse than the stock market this year, which is not the case. Of course, none of the facts we could trot out matter one iota now until psychology changes, but I can’t believe that is too far away.”
So the moral of that KWN short story is this NVO weakness lately is not entirely attributable to self-inflicted exhausted scaredy-cat NVO-only Long liquidation.
This washout in the miners is now getting quite long in the tooth. I expect a bounce this week. Come on now, onwards and upwards from here already...