Captivating Storylines Across Commodities

Gold and especially silver are finally showing signs of life this morning, with silver at least not afraid of its own shadow for the moment. I took down an overnight win in JNUG (triple-long ETF for junior hold miners) inside Market Chess Subscription Services, but may very well seek to reenter to complex on the long side later today if the rally looks to be holding. 

On the updated daily chart, below, for the silver ETF, note the bounce off very well-defined support in an ongoing bear market. Over $13.75 now likely would add fuel for another upside move, although I am still going to take down wins when I have them in this complex. 

While the metals and miners try to get their acts together, crude oil is sporting another head-fake after a promising reversal yesterday. Perhaps I should harken back to this blog post from October 26th of this year, discussing the notion of a potential CHK bankruptcy before energy and energy stocks can truly bottom. I say this because of the OIH XLE bullish divergences to crude itself of late, which has yet to amount to much. 

Also note the persistent weakness in HYG and JNK, the high yield and junk bond ETFs, with many energy names contained in them, another sector risk. 

There are other notable storylines regarding commodities this morning, which we are taking a close look at for Members on the private Twitter feed.