*I was fortunate to get an unexpected pop in the shares of Minco Gold Corp (MGH) today and I decided to sell my entire position in MGH and use those funds for something a little more silver related. I bought half of my MGH position just yesterday so the 14.2% gain today was a tribute to the effective timing of the True Strength Index and a whole lot of luck. As you can see from this chart, MGH should continue to do very very well.*Click on the charts to ENLARGE*Freeing up money from MGH allowed me to take a healthy stake in the Global X Silver Miners ETF (SIL) at $20.70. My intention at the moment is to hold this position for the duration of the silver parabolic, assuming there is one this month. *It looks like my timing might be pretty good, as SIL has made a fresh trend line break of the True Strength Index (TSI) and Money Flow Index (MFI) indicators above the ZERO crossover. *My present goal is to begin shifting towards an emphasis on silver in my portfolio, hence the purchase of Great Panther Silver (GPRLF) yesterday and Global X Silver Miners ETF (SIL) today.*While looking for something else silver to buy today, I saw this setup and knew I could not pass it up......even though it is not silver related. This is the daily chart of Searchlight Minerals Corp (SRCH) and my purchase at $0.69. SRCH has a tangible Book Value of $1.02 and sells at about 65% of Book Value. The stock traded 100% higher ($1.38) just 6 weeks ago and has been severely pulled down - for no fundamental reason that I can figure out.*Anyway, what really caught my eye was the technical setup. This thing has all 4 of my ideal buy signals going at the same time. Trend line break of the TSI and MFI indicators, a new ZERO crossover and the springboard effect of an underlying positive divergence between the TSI indicator and price movement. Its really unusual to get this ideal of a setup and I could not resist. Let's see how it turns out, OK?*As an aside, I was encouraged with the price action of gold today. Gold nearly got pushed into making a swing high last Tuesday, but it survived the test at $1320. Then today gold was threatening to make a swing high if it traded much below $1350. It got close, but survived the test as buyers again did not allow gold to slip. The US Dollar, kinda to my surprise, could not hold $77 and closed sharply lower at $76.74. I don't know who knows what, but this is the kind of price action that I find very promising going into the FED announcement tomorrow afternoon. Good Luck to all!*My TSI Trading record has been updated.
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