30Dec11:18 amEST

Looking Less Neutral

pictures_of_the_day_7 Another round of resilience for precious metals and miners' bulls has my eye this morning. Recently, apparent breakdowns in the gold and silver complex, along with their derivative miners, have failed to come to fruition as buyers have stepped in to stem the tide. Specifically, I am keying off GDXJ, the junior gold miner ETF, and SLV, the silver ETF on the first and second daily charts, below. If these two continue to reverse higher it likely bodes well for the complex. More strength from here would certainly make me less neutral on the space and indicate more signs of a bottom. Elsewhere, my natural gas long reversed down on me after a nice pop yesterday, so I have a close eye on that to see if the position is worth sticking with. GDXjSLV

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