Wednesday, November 26, 2014
SMA(50)s suddenly seem important right now
GDX seems not to want to cross its SMA(50). As if it matters or something.
GDXJ seems not to want to cross $30.
GLD is also squashed below its SMA(50).
And SLV shies away from its SMA(50) too.
The SMA(50) only matters because people sometimes trick themselves into thinking that it's important. Kinda like religion.
But religion still makes real people do dumb things in real life even though it's all stone-age mud-hut hokum, so the SMA(50) might make people want to dump miners because ooga-booga. That's TA for you.
AKG, RIOM and (ha!) KGC have all already popped above their SMA(50)s, though, so the question is whether the rest of the complex can follow suit.
And how meaningless would that SMA(50) get if the US dollar index decides to turn south?
Who knows. It seems important for now, but frankly I'm getting a bit fed up here and am about to write this little junior miners pop as a roll-over in progress.