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I’m not sure where SHJ is this morning, so I’ll do just a quick comment cleaner. I pointed out on my Tastytrade show yesterday that gold and miners were finally starting to show the potential for strength. Juniors in particular had a nice series of higher lows. That observation seems to be panning out so far this morning, with a 4%+ rise at this point.
Three words spring to mind. Just three words: Precious. Metals. Suck.
The most damning evidence recently is that during the market chaos on Monday, precious metals were weak. And during the market strength/relief rally recently, precious metals have been even weaker. So: damned if you do, damned if you don’t.
I was cheerfully short gold yesterday. I covered at a good profit. I stated on my Tastytrade show that I was “no longer bearish” on gold.
Here’s my quick take on Gold, Copper, and Oil…
GOLD
 |
| GOLD Weekly |
COPPER
Well, I certainly like today better than yesterday. A sell-off that sticks, even a modest one, is a hell of a lot better than a sell-off that gets violently aborted.
I am, however, long a couple of items now, and they are both related to precious metals. The first is good old gold, on which I have a stop at 106.30:
