07May10:51 amEST

Hiding in a Rusted Place

After beating on both top and bottom line earnings this morning, it is worth noting that Kirkland Gold, flagging tightly below on its weekly timeframe, continues to stand out for its relative strength in an otherwise lethargic mining sector. At some point, if miners do sustain a rally beyond a day or two I expect KL to be a leader and surge to the upside for a fresh leg higher. 

But until then we likely see more of the general sideways-to-down, whipping action they have seen since February/March. 

As for the market at-large, yesterday's upside reversal is largely being negated with pronounced weakness this morning and a notable absence of dip-buyers. With IWM back below $159.50, the burden shifts back to bulls to stabilize things before we see yesterday's dippers begin to wave the white flag and hit the exits. 

Stock Market Recap 05/06/19 ... Stock Market Recap 05/07/19 ...

 
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