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Only Miners Are Winning

ByWarren Bevan
Published 11/02/2016, 01:10 AM
Updated 07/09/2023, 06:31 AM
SPY
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JNUG
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"Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort." – Franklin D. Roosevelt

Stocks broke today after a couple months of choppy action.

We continue to see earnings breakouts fail and poor action almost all around, with the exception of mining stocks who began to perk up Monday and followed-through nicely today.

I bought a few miners Monday afternoon and posted it on twitter @iTraderz and I added one more today, Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG).

That said, if the action doesn’t work, I’ll be back into an all cash position.

The confusion of the election continues to have traders nervous and unwilling to take many gambles so the perceived safety trade of gold and silver is working.

SPY Daily Chart

SPDR S&P 500 (NYSE:SPY) tested and so far held the big support level at 210 and I did try a 10% weighting for a day-trade in SPY today but it didn’t work out.

I was in at 210.38 and out not long after at 210.10.

We did see some strength into the close but this action is telling me we need to test the 200 day average down near 206 in the next few weeks before we really see bottoms develop.

Of course, I may change my mind on that view if the action changes.

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