The Missing Link to Solve This Case

After a slow morning, the indices are drifting while biotechnology benefits from a rotation down. 

Commodities are largely in digestion mode, save sugar remarkable rally continuing--We have our eyes on corn, too. And are stalking this consolidation in coffee closely. 

As for the precious metals and mining complex, the missing link to solve the case as to whether this is a new bull market is still silver.

Note that the GLD (gold), SIL (silver miners), GDX (senior gold miners), and GDXJ (junior gold miners) ETFs all have rising 200-day moving averages now below price.

As a perennial laggard, SLV had a declining 200-day until today, as it is now flattening. 

In the coming sessions, therefore, I am looking to see if SLV finally achieve that rising 200-day moving average to add further credence to the notion of a new bull run int he entire complex, with the presumption of much higher prices in the coming quarters. 

It may seem quaint to key off a rising 200-day, but it is a necessary component for any meaningful bull run and may also reflect just how far behind the curve The Fed may be here in terms of inflation and the need to raise rates. 

In other words, the very argument equity bulls are advancing right now--That we are not headed into a recession, or even close to it, by inference supports the notion The Fed should already have made multiple rate hikes. 

Precious metals and miners stand to be one of the more notable beneficiaries, as we have see thus far in 2016. 

Watch silver.