Broad markets are under pressure this morning along with many gold and silver miners. I think traders are fearing that if the broad market sell-off escalates, the metals will fall apart and get dragged down like they did back in March. Gold and silver are still relatively strong which is already a divergence from what happened in March, when gold crashed $200+ in a few short days. For now we will just have to see how things unfold. I dropped five names from the watch-list including:
I did not add any new names this week because I did not see any set-ups that I am interested in trading while the market is under pressure. There are are also no "buys" on the list this week (a first ever), which is indicative of the broad weakness that we are currently seeing. Many of the metals positions are right at areas of support where they will either reverse higher or experience a more substantial breakdown. As I type this, several positions are pushing up again. My goal is to stay patient and wait for market clarity. This means doing more watching and less trading. Sometimes the best trade is the one you didn't take.
Have great week!