news.goldseek.com / By Warren Bevan / Sunday, 6 November 2016
We started the week off with stocks acting poorly and the poor action morphed into some solid weakness as the S&P 500 nears its major support level at the 200 day moving average.
We are into very oversold territory and a bounce is coming very soon, but I’d like to see a little more selling to the 200 day average before that bounce begins.
That would time perfectly with the election Tuesday of one Donal Trump or Hillary Clinton, or the Clumps as many now refer to them as.
I have no clue if the election results will stoke or stumble the markets and I am happy to be in an all cash position for now.
As for the metals, they perked up very nicely early in the week and mining stocks were the only sector showing strength so I bought a few nice positions who worked really well up until Wednesday when I had to lock in some gains, and one small loss.
Easy come, easy go, but the miners were acting so great it’s a shame to see weakness set in.