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TheStreet Open House

Precious Metals: Tight Action Leads to Big Moves

Stocks in this article: GLD SLV PPLT PALL

NEW YORK (TheStreet) -- Not much going on in the precious metals last week, as they remain trapped within a tightening range for gold and silver. But there was an attempt to break gold, which saw buyers emerge and push it back up. That's a very good sign.

I regard wide, loose and sloppy action with disdain. But gold has very tight action within a base that always leads to a nice move. It's the direction of the move that I'm not sure of.

As for markets, they really firmed up a lot this past week. We saw many stocks begin to move higher finally, after a long basing and corrective period of over two months.

Markets and stocks don't always move so there is a time to be in cash. But when bases complete, it is time to get back into stocks. We began to get back into them this past week.

We've tried to dip our toes into stocks the past few weeks, but we were stopped out quickly.

Not so last week.

It is really nice to see breakouts working again, allowing us to actually hold stocks overnight.

So far so good, but that can always change, so stops are key.

There is no point in being in stocks unless they are moving.

Let's check into the precious metals charts before I look into stocks for subscribers. I highly suggest you consider becoming one, as we are now moving back into stocks, and if you get in early, at the right time, you can ride this whole move and make the big bucks!

You can find out more about subscribing at www.wizzentrading.com

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