Seeking Alpha
  • eabyrd
    Miners turning positive... GDX GDXJ NUGT
    5/9/12
    Reply (11)
    • OneLongTrade: You're right! Bullish reversals on the charts too, if this holds through the close. This could be the bottom for them.
      5/9/12
    • eabyrd: What levels you watching?
      5/9/12
    • OneLongTrade: Instead of levels, I'm looking at specific names forming a bullish outside reversal on the chart. Look at ABX or NEM.
      5/9/12
    • sean.parmelee: Ordinarily I would be excited by a move up in miners despite negative action in SPX and GLD, but this is 1%, people.
      5/9/12
    • OneLongTrade: If they close around these levels or higher, could signify a good bottom.
      5/9/12
    • sean.parmelee: The problem facing miners is that not only do they have to recoup the losses they've sustained relative to SPX and GLD, they have to do so
      5/9/12
    • sean.parmelee: while SPX and GLD are both in a downtrend. A "bottom" may instead be a slower rate of decline, at least until gold and equities bottom.
      5/9/12
    • OneLongTrade: This is a purely technical call sean and Ive seen outside reversals be pretty darn accurate. SBUX had a bearish one on Apr 16,look at it now
      5/9/12
    • sean.parmelee: No disagreement here. I'm just pointing out that it's still a very long slog ahead for anyone who's buried in their position.
      5/9/12
    • eabyrd: I just took a little off the table... in at 9.95 yesterday, out at 10.50 today. Still long, tho.
      5/9/12
    • sean.parmelee: Did everybody enjoy that rush of profit taking in the last five minutes?
      5/9/12