Pretty much all of today’s action in the markets was expected.
SLW – Silver Wheaton got sold off, the writing was on the wall. Silver prices moving up. The big cap silver stock not following. The path of least resistance in these kind of situations is down. Silver is looking extremely toppy here cf. AGQ on my public list.
Gold stocks were down as well. GDX was displaying the same type of action as SLW. The underlying metal was moving up and the stocks were not following. Gold is probably going to need some time in order to fight its way through the prominent 1000$ level. Too much resistance for now.
No luck with DNN – Denison Mines today although there were quite a few uranium stocks moving up significantly today. I think uranium stocks as a group are going to move up soon. You can easily monitor the group using the uranium sector overview chart on my public list.
Oil was pretty much the only thing up today. I’ve added a weekly USO chart to monitor the building of a hammer. The reversal probably started today.
Two new Jim Rogers videos are out.
Have a great evening.