Wednesday, May 18, 2011

18 May 2011

My short-term indicator (73% hold short) is pointing to a bounce sometime in the next few days.

McClellan still had a very weak day despite indexes closing above 50 day moving average.

GDX seems to be finding some support around its high from 2008 price.

SIL fought back and closed green yesterday.

I'm not going to advocate buying here, but I definitely wouldn't be initiating new shorts until my short-term indicator goes back to a more normal level.

Keep your eyes open.

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