we look to be entering a period of consolidation for global markets after a massive upward move over the last 8-10 weeks, will be interesting to see how far the pullback will take us.
in conditions like this it reminds me of one of my favourite pieces of trading advice "trade the market you have, not the market you want", over the last 8-10 weeks as traders we have had the market we want with no lack of stocks breaking out on high volume on a daily basis, now we need to adapt to protect recent profits.
look for a rotation back into gold/gold related companies as this market pullback plays out.
MLI is well worth the look, as they increase gold production in South Africa, reduce costs, and have plenty of cash. MLI has been consolidating the last week in the 6.5-7.5c range, and is one company that could make a run to 10-10.5c level if the gold price continues to rise.
Kevi, did a nice chart of HFA on friday, showing how for months now it has been in a nice uptrend, and has bounced nicely off the bottom trendline several times over recent months, look for HFA to bounce off the 18c to continue the current uptrend.
