Nothing has changed tonight, NUGT advanced nearly 3% today and looks like it's putting in a base. Miners have underperformed the physical for quite awhile, however with the changes in OTC trade and investors starting to look for ways to buy gold (essentially) at a discount, the miners make sense and this may be why we are seeing some bottoming action.
Silver Miners as a groups did well today with a 1.77% advance for the 13 stocks n the sub-industry.
The Gold miners came n at 1.35% as a group consisting of 48 component stocks.
Just from looking at the sub-industry charts, it looks like the silver miners may outperform the gold miners, I don't know why, but that's what the chart looks like, still the gold miners look good as well.
I may have to test the miners system using silver miners.
Today's signal and worth noting is the signal line (average) in red is now moving up, another apparent bullish development for the group.
As for NUGT specifically, here's Time Segmented Volume, it is used the same way and very similar to 3C. Note the recent positive divergence in an area that looks to be a base.
3C shows the same signals on the daly chart.
This is a closer look (15 min chart) at the area that appears to be a base forming on the daily chart.
I had some problems last night with a watchlist of miners that was way too big and included non-silver/gold miners, now that I have that under control, I'll be looking at specific names to see if there may be some nuggets so to speak.
You'll be the first to know!
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