The Trader Daily


Bob Byrne

 | Jul 11, 2014 | 7:30 AM EDT
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In the span of twenty-four hours, the gold and silver miners went from having some of the best chart set-ups around to looking downright ominous. Names like Silver Standard Resources (SSRI), Pan American Silver (PAAS) and Barrick Gold (ABX) came under extremely heavy selling pressure during the final ninety minutes of Thursday's regular session. And the bottom line is that while gold and silver futures didn't collapse, I would respect Thursday's weak price action in the miners and take a step back from this sector. Paring back existing positions, hedging or outright avoidance seems logical until we see how these stocks trade for a few days.

Moving on to the broader indices, I'm not sure it's worth worrying about whether the bulls or bears won Thursday's session. The bottom line is, lower prices attracted buyers. This is the same pattern we've experienced for literally months. And without a close under 1950 on the E-Mini S&P 500 futures contract, I simply see no reason for day timeframe traders to waste too much time worrying about (or focusing on) the short side of this market. ...269 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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