GLD is trading near the 50 dMA and the lower trendline. I see no fundamental, technical or sentiment reason to sell at this point. I continue ot hold the metal but have recently sold half my position in the mining index.
MS moves fast and has been a good trading vehicle, although not as volatile as WFC. Today I added some near the day's low and expect this to make a run for 30
FCX continues its upward trajectory off a solid base with the next resistance level at 45.7. Materials in general are working off the best developed basing pattern.
IYM has a beautiful base and may be developing an inverted head and shoulders now as it approaches some resistance. This may take a couple weeks to break out, but with the violent moves, who knows?
SMH is likewise struggling with some overhead supply after a 20% run. This is due for a pull-back. I recently took some profits in CY, but will re-enter on any correction. MRVL also could be a buy with any pull-back.
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