Wednesday, May 13, 2015
Morning PM miner charts - breakout
Turns out the pop in MUX was a harbinger of better things to come....
BTG pops out of its bottoming range. Still no volume backing it up though. And RSI of 66 already would make the viewer think this is only going to be a short pop of a few days.
MUX is still going, and yesterday's volume ended up being significant enough. The volume candle was the largest we had since 9 April, and yet the price was higher than anything in that same period, which is good. Means people are starting to pay up.
The pop outside the +2SD Bollinger band for MUX and BTG means very little btw since the stocks were both so darn range-bound before. All it means is that the old range has now been broken, and that's also good because it means there's new buying strength.
SLV is threatening to print a new spring high. Come on $16.60!
And GDX is also threatening to print a new spring high.
Now, I'm sure you'll see a whole bunch of blogosphere clowns blather on about how this pop is all because of Greece/deflation/bond collapse/China stimulus/aliens. But the real reason is there's now more buyers than sellers.