Recalibrating the Strength in Miners

Plenty of miners, precious and otherwise, have continued to build on their strength in 2016 after the latest Brexit selloff and subsequent V-shaped recovery. Silver miners have been notably ferocious to the upside, with some gold miners like KGC trying to come from behind and play catch-up this morning. 

Teck Ressources is a materials miner we played this week with Members, while other names like SWC (palladium) and CLF also coming on strong. 

With this in mind, heading into next week after the holiday I am looking to see if copper miner FCX can join the party more forcefully. On the daily chart, below, note the major inverse head and shoulders bottom is still in play. A move back over $12 should help the bull case and still a broadening out of the rally in all things miners.