Action in the Metals and Miners

It feels like Groundhog Day. The rebound is similar to Thursday's action in multiple ways. After the initial gap lower, price has trended higher along with relative strength. The action and volatility of the morning has subsided and the market sis back in churn mode. The first 60 to 90 minutes has been the only real back and forth trading action. If you are a trader who can get behind a trend, then the intraday action likely suits you. I really did not expect a return to a flat position today. And the fact that every chart seems to be moving in sync means we have sweeping buys or sweeping sells, so it is more difficult to find individual stocks moving on their own accord. They are certainly there, but you may have to roll through five, 10, 15 or even 50 charts to fine one.

SPDR S&P 500 (SPY) -- 5-Minute Chart Source: StockCharts.com View Chart » View in New Window »

I've spent a lot of time trading in the precious metals and miner space lately. It's where the action and the volatility sit. Today, the miners were given a goose to the downside when Barrick Gold (ABX) announced it had been fined $16 million by Chile for environmental problems at the Pascua-Lama site. The company needs to handle environmental problems regarding waste and water containment. Silver Wheaton (SLW) is a partner in this venture. Normally, I would see this as very bearish; however, this wasn't an unknown. The fine has been out there for more than five weeks now. Furthermore, as discussed in its last earnings report, ABX had already shut down operations and development at the site, fully aware of the environmental issues. Both SLW and ABX shares have been halted and I'm not sure they will trade again today, but this news, which is both already known and very company-specific, is dragging down the rest of the sector....112 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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