Thursday, June 12, 2014
DEAR BORED WALL STREET MOMO TRADERS: All sorts of gold miner charts look interesting
All of a sudden, with the failed breakdown in gold, a bunch of miner charts look exciting.
The big proxy war seems to be launching this stock. PSDave thinks it's prelude to a forced buyout.
Here's Rio Alto:
The stupid buyout of Sulliden is no longer stupid, according to me and IKN, so all of a sudden Rio feels the lurve.
Even management's dumping of 3M shares the day before the announcement of an all-paper merger doesn't seem to be enough to keep them down.
Best chart of them all, because it's threatening to break above long-term resistance. Is someone about to buy Oceana or something?
I'm only asking cos there's been a lot of that buyout talk in the gold miner space (see above three stocks).
Making another charge at $2.60, though it's pretty darn overbought. Someone threatening to buy Premier or something too?
Y'know, it's almost as if Wall Street is spending this June portfolio allocation season rotating into miners, not out of them!