Monday, September 8, 2014
And what about Rio Alto?
With the clobbering of all the other miners today, what about Rio Alto?
It was advancing strongly in the face of all the doom.
But today it seems like it's giving up.
Maybe it just has to sell through all that accumulation that happened from $2.20 to $2.95? Or maybe it just drops to the 50-day. Now, Rio sucks a heck of a lot less than it did before the Sulliden buyout, but you know how little the miner market cares about fundamentals when the price of gold is going down.
In any case, Rio going down means you don't have to buy Rio til after it's done going down. And you might want to sell Rio now that it's finished going up.
Thus, Rio goes down from here.