Comments on the Miners (e.g., RIO, FCX, GOLD, GG, etc)
FYI. I think most folks won't be interested in this but I provided a fair amount of background and likely support targets so thought it might be of value to some on this board.
The below is a message I sent on TTF board regarding the Mining Stocks (when they bottom it likely will signal that the rest of the market will turn then or soon thereafter). I also use SMH for this type of "heads up" as well as the typical: AAPL, CAT, IBM, INTC, VIX, TNX/TLT, GS, JPM.... Mike
"Tom
Geez these miner stocks are beat to death. Some extended thoughts/comments below----
Theses miners almost all have negative 'embedded stochastics' (e.g., 3 days or more below 20); Alternatively if above 80 and the stochastics are embedded for 3 days then this is normally positive for a continued move up over the short to mid term).
So.....If negative like this...it generally means that there is more pain to come first. And, a big volume thrust is required to turn the tide. Otherwise, my experience is that stocks in this situation will normally trade sideways to down (with an inevitable downward drift until more substantial support is tested and rejected). Almost all the miners seem poised to rebound only modestly here and tread further down in the short term to perhaps mid term (the mid to longer term is harder to get a handle on). A market turn may correct all of this.
Regardless, GOLD (Randgold) has been a leader and looks to be turning to upside (stochastics are near 30). So all these could in fact turn soon, especially if GOLD can come back and test 20 (on stochastics) and bounce up to and over 50 (I would think we would see a modest pull back there).
At any rate, I'm using GOLD here as a tentative leading indicator. GG & ABX may be worth a watch to see if they turn (which would be favorable to the stocks you have charted below....and I generally like the ones you have selected). Also, GORO is at $17 and seems like it wants to test $15. If/When it does, then I will look to see if it gets some nice volume spikes and a noticeable turn up in MACD, Stochastics, ADX, etc.
Of course if FCX, RIO & CAT pops nicely at any point then likely "Game on" for the miners.
Another one: I've tracked XRA from time to time (a small cap) and it looks like it could possibly turn up soon. Its not as reliable as some of the smaller caps you have charted though..just that I'm seeing some interesting volume, and ADX, stochastics appear to be moving up....but it needs more.
Otherwise, the worst looking of all the miners look like the ones that have a substantial silver component (IAG, SLW, EGO, EXK, JAG, GPL). So they could really tank and set up for a stellar entry that we rarely see....
The copper stocks look ugly but thinking for instance that FCX may have more downside.... and that if it does that the $23-$25 area would be great to pick it up if it gets there. "
