There’s not enough evidence for the umpires to overturn last week’s call on the field, but neither was there enough to confirm. Therefore the call stands.
Until it doesn’t. Meanwhile, gold is making progress toward completing a 9-12 month cycle low. There’s still risk of a pullback toward a test of the lows over the next xxxx xxxxx xxxxx or so. On the other hand clearing xxxx should get things rolling toward xxxx.
Over the past week the mining stock sector generated 23 charts with repeat buy signals and still 18 with repeat sell signals. The mining stocks lagged the sharp turn in the metal. But there has been a preponderance of buy signals for the past 3 weeks, so some reduction in buy signals and increase in sell signals is to be expected. The fact that there’s still a preponderance of buy signals is a positive sign. Non-subscribers, click here for access.
Upon visual review, I selected just one chart to add to the list. xxx. I’m not enamored with the idea of buying stocks that are still in downtrends, even if there are hints of reversal. For now, I’m only comfortable with the level of exposure we already have on this list. Non-subscribers, click here for access.