Monday, 25 November 2013

12pm update - mining stocks break the summer lows

Whilst the main indexes battle to hold minor gains, there is some interesting action in the miners..and the metals  Miners - via GDX, have taken out the June lows, and metals will likely follow in the days/weeks ahead.

GDX, daily

SLV, daily3


*H/S target on SLV remains $17, which would equate to Gold -$100 from current levels.

With the summer 2013 low taken out on GDX, there really isn't any support until the $20 psy level, but even then..the 2008 low in the $15s look just as likely.

Metals remain weak, and look set for much lower levels as the week develops.

FB remains a particular one to watch.With support broken..I'm looking for $35

VIX update from Mr T.

time for tea