after a day like today, but a watchful eye is warranted.
Yes the dollar action is extremely bullish for pms but a random sampling of the charts for stocks that make up both the hui and the xau will show gaps on light volume, shooting stars, and gravestone dojis, across the board...all very bearish candlesticks.
There could be something funky going on because of the light trading volume. either that or the mms are all hung over and sent the elves in to work.
Metals expiry is monday an theres the IMF rumor so I think Monday will be a good short term indication of where were heading.
There was not light trading volume in AUY today - short day, almost full volume.
The dollar has sustained great technical damage today, whatever the volume.
Whether this is the downward force that takes out US Dollar index 83 or the next one is, it will happen, and soon. Then any alleged negativity in the pm stock charts wash away.
For my money (and I mean that literally) worrying about a week or two one way or the other is foolish, IMHO, as study upon study shows that for most of us mere mortals, trying to time moves in a stock is an expensive exercise in futility. True, some may be able to do it, but I prefer to go with the odds, where it is shown that most people make the most money by buying a stock in an uptrend and staying with it even through minor corrections. I sure as heck have made a ton of money that way. What is important (to me) is that the die is cast, the trend is friendly, and I am fully invested.