Market comment - first impression

Firstly, we're celebrating the Queen's birthday today, so I don't really care what happens except as a setup to later on this week.*

But I find it interesting that gold and silver drifted down all night, yet GDX and GDXJ are up over 1%.

Yet I don't find it too interesting because it's still retail hour, and it seems morans are the people most likely to buy before 10AM.

Still, GDX at this moment is at $42.38. It's above EMA(8). EMA(16) is just above at $42.69, and the Bollinger mean is at $43.52. Gold and silver are trending vaguely upwards this morning, and while the PMs are still only at Thursday's close price, the miners are above their own Thursday's close. Positive bias to the underlying, that's nice.

Oh, and here's some noise and radar-jamming from the Lamestream Media for you:

1. Some fellow in China (think his name is Wen?) was apparently giving a whole raft of interviews this weekend where he was coming out in favour of Chinese QE.

2. The commie is losing support in Greece. Elections are about peaking too early, and it looks like the commies have indeed peaked, and now the old corrupt cronies are winning votes back. Incidentally, after reading that Vanity Fair piece, I am now permanently convinced that Greece must leave the Euro, so I'll be voting for the commie.

3. Meanwhile Spain's banks are going bankrupt. And someone in France. By the way, add a "u" to "France" and you can spell "Furnace". Clever, eh?

4. Bespoke Investment Group had a great weekend subscriber-only wrap-up, where they pointed out that broad sentiment is suicidal.

5. Oh, and you're seeing a massive short-squeeze in wheat right now. Supply/demand fundamentals be damned, as the great commodity traders will say: the problem is, everyone was on one side of the boat, shorting wheat, and now that the supply news is out, that boat is going to rock like fuck as everyone has to either bail or shift sides.

6. Kitco is very slow this morning. I like that.

No links, I can't be bothered, go fuck yourself and then use Google.

So anyway, today if you're like me, you might want to watch GDX for a break of $42.7 and then $43.6 or so. Failure means I remain uninterested in miners. And a 2% pop first thing in the morning doesn't look like the type of slope that can continue all day. But we'll see.

Interestingly, Yamana's already broken above its Bollinger mean in US trading. And RGLD looks great too, almost threatening a breakout. Here - I'll give you some charts.

So either this new strength is a fakeout and these guys both have to fail their moving averages, or Yamana and Royal Gold are leading the pack in a new uptrend. Up to you to decide which is going on here. Me, I remain guardedly meh.
 
* - as an aside, I prefer the first Queen Elizabeth. She destroyed the Spanish Empire, built a navy that ruled the seas, hired pirates to circumnavigate the world, and also executed everyone who tried to piss her off. Now THAT is a monarch to like! If only today's Imperial Majesty had it in her to execute a few people! First on the chopping block would be Rupert Murdoch, of that you'd be guaranteed. That would mean no more Fox News... Sweet Mother of Jesus, that would make the world such a better place.