Silver Is Shining

 | Feb 23, 2012 | 10:55 AM EST
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The dip-buyers did a nice job once again of jumping on the early weakness but they have been having a tougher time lately of gaining traction once they make the save. I suspect the shorts are becoming a bit more aggressive now since they aren't being crushed in the same manner they were a week or so ago.

Early breadth is pretty good, with about 2,900 gainers to 2,200 losers. Biotechnology is bouncing back and is leading, and precious metals are also doing well for the third day in a row. Chips, solar energy and oil are lagging.

The silver miners I mentioned the last couple days continue to look good, particularly First Majestic Silver (AG). I added a new one this morning, Fortuna Silver Mines (FSM), which is moving through resistance at $7 on good volume.

I'd really like to load up some gold miners but the charts aren't all that great. I do think they will develop, but I find it tough to be aggressive with them at this point. Nonetheless I have my eye on New Gold (NGD), Richmont Mines (RIC) and a few others.

Outside of miners I don't see many momentum themes. There is an occasional breakout on volume like Hollysys Automation (HOLI) and even IBM (IBM), but it's narrowing action -- while I don't want to fight it, it's tougher to be aggressive with the buying.

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