Miner Looking Finer

The miners, both coal and precious metals, look attractive this morning. This has been such a hated group that one would think a bounce -- a good-sized bounce --would happen soon. Now that we see rising tensions with North Korea, along with the troubles in Europe, one could postulate that precious metals can catch a bid here. But maybe this is more than offset by the weakness in the yen, along with the rise of Bitcoins. Of course, I mention Bitcoins a bit sarcastically, but that feels like a new Volatility Index (VIX) to me.

Silver Wheaton (SLW) Source: StockCharts.com View Chart » View in New Window »

Looking at Silver Wheaton (SLW), there is enough on this chart to take a stab at it this morning. The price has been falling, but the pattern has changed a bit over the last few weeks. The pattern has become a falling wedge, which can be a solid reversal pattern to play. Price looked like it might push out of the wedge today with the early morning strength, but we've faded a bit since then. Still, there are bullish divergences in the stochastics, the Relative Strength Index (RSI) and the Money Flow Index (MFI). When I see a setup with three bullish divergences along with a price pattern setup, which is typically a reversal pattern, I want to get involved; however, I want to limit my exposure here....141 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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