Yesterday NEM closed above the 4/8 on volume. That’s bullish for the next day – today. 33.33 is the next level and if we close above that, price could go to the upper bollinger band.

I personally dipped my toe into my mining stocks shopping list that I posted last Monday for a long-term trade to see if maybe this might be the start of wave III. I bought Endeavor Silver and Pan American Silver last Tuesday. I turned around and went long after stopping out to the short side.

My internet connection here in the Stanislaus forest is very weak. So I am going to write that I am on vacation enjoying the snow with my family. I will note that the mining stocks performed very well yesterday. Impressive considering the dollar was also up. The indices pulled back, but I still think it is just holiday consolidation as most traders are on holiday still. Thank you!

Barrick gold overlapped a key level yesterday which indicates the correction could be over. It has also been showing positive divergence with each new low since September. Very interesting. Typically when that happens, the stock pulls back a little. It will be the character of the pullback that will be the tell. Will it be a higher low or a lower low? Or will we continue to race higher in this longer-term wave III? Perhaps the bottom in mining stocks is in?  If ABX rallies past $16, that’s a very positive sign.

5:01am PST. The dollar finally woke up. :). Silver futures are down and GDX is off its highs this morning. We closed below the IAU print yesterday which suggested  bearishness in gold today.

The indices are also up slightly, the Dow still shy of the 20,000 mark.

Early this morning we felt two notable earthquake tremors here in the Stanislaus mountains near Yosemite, CA. The quakes shook our cabin enough to cause glass in our kitchen to rattle. My internet connection is spotty and I am trying to find where the epicenter took place.

Hopefully I can log into my laptop soon with better wifi to post some charts.

I am going to take off a little early today as I am taking the kids to see snow. The mining stocks has a nice rally today and we saw a decent sized print on IAU which if we close above should indicate a further rally tomorrow. If we close below, should indicate a pullback.

The Dow popped higher in the morning session, but could not quite reach the 20,000 milestone. We await until volume returns after the New Year.

TLT sold off in the morning and then caught a bid. Nat gas pushed higher before consolidating.

The dollar remains flat as the world rests and plays for the last remaining week of the year!

It looks like a market maker might have sold a decent chunk of the gold etf, IAU. About 1.3 million traded at $10.98. If we close below it, that is going to be bearish for gold.

12:03. wow, so glad I closed my TLT short before this squeeze. 🙂

11:48. Closing out my TLT short for +.19. I am looking to buy back into FCX again.

I like how EXK is moving today. It could go to 3.55 and pullback there before going higher.

11:38. When the dollar wakes up from this slumber, watch out gold. UUP is totally flatlining. There is no pulse, lol.

11:11 a.m. I think AAPL still has upside to $118.50. I bought TECL on the pullback.

10:43 stopping myself out both. GDX keeps creeping higher. When I get into a short I like to see it moving right away in that direction. Not happening here, so out. I want to put my capital to work elsewhere. I think it might actually be time to start accumulating select gold mining stocks on my shopping list. EXK, PAAS, RGLD, KGC, but I might wait until the world comes back to trade in the new year with volume.

8:20 a.m. I am trying a short on ABX and GDX. I think this could be a wave iv.

I bought some FAS today, even though it is moving at a snail’s pace today. 🙂 The MMs are skiing, vacationing in Hawaii, having a break.