Wednesday, May 23, 2012

further market comment - goldbugs took a bong hit today

And later that same day, with the broad markets down, copper still looks horrible, China still looks horrible, PMs are still down... but the GDX is painting a bullish outside day candle.

If this can stay til the end of the day, then I will be very hopeful that last week was a bottom. Because by all rational expectation it's not supposed to be doing this, and yet it is. It's above the 20-day mean and RSI is over 50, and that's not happened in recent memory either.

GDXJ still kinda sucks though, as do COPX and SIL.

But I hold out hope.
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1 comment:

  1. I laughed so hard! Man, that is the funniest thing in a really long time. Not only did it paint a bullish candle, it did it on mega volume and shoved up right until the close. I'm still high from the BH.

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