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I hope that everyone can just enjoy some rest and relation this week, after last weeks market action. We also may want to rest up, because next week looks to be setting up to be interesting at this point...
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General Markets were a bit Mixed, and remain that way
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SPX - I've been expecting a drop into a dcl. The DJIA and NASDAQ looked to be dropping, and so did the SPX, but with a Wednesday reversal, it has moved higher. AT THIS POINT, I don't think that this is enough to be a dcl, but I shouldn't rule it out completely. Lets look at ...
Read MoreYou are likely hearing the same thing that I am...
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- "There is something incredibly wrong here, Miners have sold off before, but never like this!"
- "We have NEVER seen a drop like this in Miners, GDX will be in the single digits next week!"
- " This is much worse that 2008"
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It is even possible that this kind of fear and panic can affect how you feel about what you see. Yes, the sell off in the Precious Metals is steep, and it is the talk of the town. This week the drop in Miners has been extreme, as you will see, but is it really the worst drop ever? Does it automatically make Miners destined for the grave? I want to address this in light of these statements above first, and then I will still cover the General Markets, so let's begin...
GDX - GDX closed down 2.37%, and the last couple of days have been crash mode, no doubt about it. I mentioned in yesterdays report that the volume looks like capitulation. This is a very sharp drop, however...
Now let me show you something that you may find interesting. It might even blow your mind ...
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SPX - We saw the markets drop on Wednesday and start to recover as the day ended. I am expecting a dcl, and I do not think that this was it. We could bounce & drop or just continue lower, in my opinion.
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