Slight Improvement in the Grand Scheme of Things

The improved price action in the global materials mining complex, precious and otherwise, has been noteworthy throughout the winter months. 

Nonetheless, the abrupt downside reversals we are seeing in many parts of that sector this morning serve as a good reminder that even the most promising of bottoms (assuming that is what is in play at the moment) still may take their sweet old time to play out and require patience for proper, lower risk entry points. 

The multi-year chart for steel name, X, below, shows the context of the recent rally--All it has done is recent back up to the scene of its 2008 crash lows, which it had previously undercut with incredible downside momentum. 

Similar charts can be seen throughout the XME ETF holdings, as well.

Going forward, I am still eyeing the prospects of tactical longs in the sector, but am not yet inclined to "set it and forget it," in terms of buying and holding into a sector with much to prove yet.