Just an admin note that I will be on the road all day tomorrow from about 9am ET until well after the closing bell. Therefore, I will not be able to post any updates or see the look on the faces of the CNBS cheerleading squad when the market gets pounded tomorrow.
My current preference is remains taking partial or even full profits as long side targets are hit this week and that includes the mining stocks. Although the recent price action and breakouts couldn’t look much more bullish, I am still somewhat skeptical on how far this bounce goes and I continue to lean towards one more thrust down to a marginal new low in the sector which, if it does happen, will most likely catch the majority of traders by surprise. On a related note, the IAG long is currently a few cents off it’s intraday high of 7.24 vs. the first target of 7.25, which would give a 1-day profit of nearly 7%. Therefore, consider taking full or partial profits and/or raising your stops to protect gains or at least assure a breakeven on the trade.