Big Reversal In Miners, Is It A Short Term Top?

I’ve posted several charts of some of our miners, with the size of the percentage pullbacks they have experienced in just two days, coming off new highs set on Thursday. Readers know that I will not say if that was a short term top or not, only time will tell, but I like that the drops are all uniform in style and size. We also know that corrections in bull markets are sharp and scary, but usually short-lived. This tells me that IF miners can drop about 20-25% from high to low soon, I will be comfortable adding to positions in the stocks mentioned below and others, in order to put the 33% of portfolios we sold, back to work. On the other hand, if miners find a short term bottom early next week, I will sit tight with what we have and hold strong, waiting for the next substantial pullback to buy more.

SILJ reached a level that put it 87% above its 200 day MA, and while extended, this etf can trade as high as 105-120% above the MA before topping out. Still, we see the silver junior etf has pulled back over 11% from its all-time high already. I had charts for HL and CDE, both showing 13.5% declines since last Thursday but I seem to have not saved them correctly. You get the point, they are all down around the same amount since the pullback started, like AG….