Not Just About That Silver Action, Boss

While the surge in silver is impressive this morning and piggybacks our analysis from last week where we presented a major, weekly chart inverse head and shoulders bottom in play, the reality is that virtually the entire materials/miners/commodity complex is improving on intermediate-term timeframes. 

We have been tracking and playing the rotations below the surface for Members, stretching from steels to lithium plays. Aluminum is getting into the act this morning, namely AA CENX KALU. 

Returning to silver, the updated weekly chart for the ETF, below, illustrates what we observed last week--The much-maligned and controversial metals may finally be putting its five-year bear market to rest. 

Pending this week's close over $15.45, we have ourselves a bonafide bottom in the making. Still, trading the high beta moves in commodities and miners requires extreme discipline, so we scaled part of a PAAS silver miner long this morning off the open. 

But the broad-based rallying in materials and miners, not to mention energy and most commodities of late, smacks of the early phases of a macro (re)inflation trade, with The Fed likely well behind the curve as usual.