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After we review the progress of the general markets, we will then try to determine if we are seeing any real progress taking place in the Precious Metals sector. Are things improving or is that sector still just drifting around?
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SPX - My thinking was that we would get a Dip in the SPX ( to the 13 sma?) after the break out. We got our dip, and it was very similar to prior pull backs out of an ICL, so Wednesday I wrote that the dip may be over and we would watch the upside from here. Longs could even raise stops to a little below the 50sma.
SPX - Well that was some strong upside Wednesday. Maybe people were shorting the dip thinking the markets would roll over, and this was partly short covering?
Well, take a look at this...
Read MoreToday after review of the General Markets, $USD, and Oil, we will discuss the slow motion giddyup that we are seeing in the Precious Metals market.
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SPX - November 29th I was expecting a small dip in the SPX, and I pointed out this possibility. It showed a drop t about the 13 sma.
SPX - That dip came and it may be over already. Now if someone was 'long' they can watch and see how this unfolds. In the spring time the markets ran straight up. bouncing off of that 13 sma for a while. When moving out of the July lows, the SPX ran higher and then went sideways for months.
Read MoreIn recent reports I've been pointing out various Miners that have been setting up in bullish manner. On Monday we watched Gold fall to new lows again, but then Gold flipped higher and put in a nice reversal. Maybe now we will see the precious Metals sector gain a little traction? Let's take a look at the markets, and then we'll review some more bullish looking Miners.
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SPX - The dip that we saw may have finished its course at the 13 sma. We did see that in past moves out of the ICL.
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