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Wednesday, November 6, 2013

Wednesday AM miner charts

Let's dither over some charts today.

HUI looks interesting. Is this the perfect place to go short? Or did we see a downside fakeout, and it's about to fly up to the upside?

But for some reason, GDX's chart doesn't look quite as good: it's still got a way to go before challenging the EMA(16). Still, the retreat from the SMA(50) seems to have been stopped with conviction, so you could maybe still say this was a retrace to rebuild upward momentum.

And GDXJ looks even worse. Diminishing volume holding up that $36-$37 area. Failed to reach the SMA(50) on the last pop, so this looks like more of a petering out after a dead bounce.

Then again, most GDXJ stocks really suck. I mean they suck like hell. So you'd expect this chart to also suck, no?

As far as I remember, Yamana haven't done anything significantly retarded recently, so they're the best of the major miners. What's their chart look like?

 Well, it could go either way. It's a pennant under the SMA(50), so it could continue down; but each candle held onto the EMA(16) and Bollinger mean for dear life, so maybe this is another recharge before a move up, like GDXJ?

Sandstorm is more of a long-term gold price play; they have too little in common with other miners other than expectations for the price of gold. This chart does look like it's bottomed to me, and it looks like a chart that is about to shit or get off the pot in the next day or two.

Then again, the longer-term view also suggests a big long pennant compensating for the June puke before a harder move down.

On balance? Who the hell cares about any of these charts! It's all about the price of gold.

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