Still not enough evidence to overturn my bottom call from two weeks ago. Holding 4 miner longs as swing trades.
Over the past week the sector generated 3 charts with repeat buy signals and 21 with repeat sell signals. Not a good sign, but these are short term signals. This follows a preponderance of buy signals for the past 4 weeks. Therefore, for now, I consider it a normal corrective phase. And Friday alone had a much better look with 12 buys and only 2 sells. Non-subscribers, click here for access.
Upon visual review, I did not like any of the 3 stocks that were buys, so I stood pat on the 4 picks already on the list. All held gains, with an average gain of 14.9% on an average holding period of 3 weeks. I adjusted the stops to trailing stops. Non-subscribers, click here for access.
Averages assume 100% cash, no margin, no options. The use of margin or options will magnify both gains and losses. See disclaimer below the charts. Non-subscribers, click here for access.