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I have been digging in this weekend, and looking for more clues within our market sectors. Let's just get right to it, I've stumbled across some rather 'interesting' finds to share with you. We will focus much of this report on the GOLD & MINERS , after reviewing the Big Picture on the General Markets and Oil...
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SPX DAILY - The selling has been relentless and as mentioned, the safer buy would be to wait for a confirmed daily cycle low (DCL). Though we did have a bounce over a week ago, this week we did not have enough buying to push above that 10sma. That said, CYCLE COUNT indicates that we are very close to that dcl. A doji candle formed Friday, a candle of indecision with Buyers Vs Sellers breaking even. THE LOWS ARE DUE.
Read MoreSo we were expecting that the Miners could possibly drop to do a 'back test' of the 50 sma. In fact, I mentioned that in almost every report for weeks. I must admit though, I did not expect it to happen all in one day, but that is pretty much what happened Thursday. Let's take a look...
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This is my GDX Oct 15th chart, showing that that possibility exists for that back test. I wanted us to be prepared for a drop like that, but like I said, I expected it to be more of a normal gradual dip lower.
Just 1 hr into trading, the drop in GDX & GDXJ looked like this, and it closed even lower at $19, just above that 50sma.
On top of THAT, this was Gold and it hardly dropped?
Can we make sense of this? Is this still just the back test of the 50sma for GDX & GDXJ? Did earnings of GG & NEM destroy all hope for Miners? Well, I do have a few ideas that will give us clues to watch for as this continues to play out. This will be a longer Friday report than normal, so let's get right into it...
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Honestly, not much changed from yesterdays report, except for the depth of the General Market selling. Let's review and try to discuss at least a couple of new things.
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