My assessment hasn’t changed. Gold miners, especially seniors, are lagging gold and silver. Bullion is the safe haven choice. The mining stocks come second. Today another big cap SLW – Silver Wheaton refused to move higher although silver was up. The stocks might be anticipating a gold and silver price correction. I’d be very cautious right now.
USO and UCO were down again and did close near the low of the day. As I pointed out yesterday I am watching for clear signs of a reversal. Overall there is still too much complacency. That would allow for a panic sell-off on high volume. The waiting game continues.
As far as strength is concerned, TSYS on my list is a very strong one. As long as the markets are trending down going long a tech stock is a somewhat risky proposition though. You are not fighting the trend of the stock but you are fighting the trend of the market.
Have a great evening.
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