18Jun10:23 amEST
Following-Through to Safety
The precious metals and their miners have been mired in a bear market for a good while now, albeit with bounces offering fast, actionable pops at times. But those bounces have been repeatedly sold, usually leading to a sharp rollover before the pattern repeats itself.
In order for the complex to see a meaningful change in character, I suspect names like premier silver miner, SLW, will need to follow-through and hold rallies at least over $19. On the daily chart, below, note the potential double-bottom (light blue line), a pattern which has repeatedly failed for miners in recent years.
Elsewhere, biotechnology stocks are leading the charge today, with several of them waking up. We are looking at a few under-the-radar ones setting up inside Market Chess Subscription Services this morning.
