I have no time to blog. However, please be advised that yesterday SIL finally broke up above its last recorded primary bull market highs, and hence confirmed GDX which had done so some time ago. Since the primary trend was already bullish, the new confirmed breakout merely signals:
a) The end of the secondary (bearish) reaction against the primary bull market.
b) That the primary bull market continues in force.
Nonetheless, the new highs are not a “buy” signal, as the primary bull market was signaled months ago.
The same applies to SLV (Silver ETF) which today, July 18th, has confirmed GLD by breaking up above its primary bull market highs. Hence the primary bull market has been reconfirmed.
All in all, both the metals and their miners are moving quite in tandem, which also is cross confirmation (the stocks confirm the metals).
Let’s see if by the end of next week I can produce a proper post.
The Dow Theorist.