Trendline break higher

Forgive my chart not showing the down-trend line from the mid June high until last Friday, my chart service wouldn’t allow me to save the annotated chart, but it’s easy enough to identify on the above chart. You might ask why I post a chart of the silver etf SLV? Some have been concerned in the recent metals rally that silver has not kept up with gold, and this is true for the moment. Then days like to today start to occur and silver outpaces gold, and with the trendline break higher, it can bring in more buyers that were waiting for confirmation before getting involved.

The break higher doesn’t mean we can’t pull back in the near term, but it does mean that would be a buying opportunity if it occurred. We still have the overbought daily stochastics in miners to contend with, trying to pull them lower to correct, but I am happy with how the leading GDX and GDXJ etfs hang right up by their 52 weeks highs. There don’t seem to be many sellers, so once we stop the train and let a few nervous bulls off, it looks like the miners are building steam for the next push higher. I remain all long and on margin in SILJ, MUX, WPM, NVO.V, IRVRF and others, looking to add into corrections when they occur.