Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Gold and Silver Outperform
My pattern work shows that gold and silver are in powerful uptrends, while crude oil and copper could be in the latter stages of completing a multi-month top. Indicative of a problem, perhaps due to China market weakness, for the industrial commodities? For whatever reasons, these commodities are no longer part of a homogenous group, and instead either are attracting or repelling capital inflows based on their own perceived fundamentals. Technically, let's notice that the angle of the 50-day EMA's warns us that the near-term oil and copper trend is in the process of rolling over. The ETFs in play here are the SPDR Gold Shares (NYSE: GLD), the iShares Silver Trust (NYSE: SLV), and the U.S. Oil Fund ETF (NYSE: USO).
