A Cinderella Story in March

After a few post-Fed whipsaws, bulls are largely in control this final hour. Banks and biotech are notable weak links. But to see the major indices in the green even as the Japanese Yen is rallying is impressive. 

Beyond that, the strength in the global materials and precious miners has been striking this afternoon.

We knew that the XME, ETF for metals and miners, likely was going to pause as overhead supply, the purple line on the daily chart, below. 

But after a benign pullback we are seeing a surge this afternoon. I am looking to see if the strength can hold, though so far so good on that front. If so, copper, precious, and virtually all miners are in play on the long side for a potential secondary rally off recent lows. 

On the XME, $20 then $20.65 figure to be some levels of interest, just above.