Bottom In The Making: Miners Reverse Off Lows Again
For the second time in a week, the miners have reversed off early lows. Stocks like Goldcorp Inc. (USA) (NYSE:GG), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Yamana Gold Inc. (USA) (NYSE:AUY) are all off their lows, trying to move to the positive side in an ugly market sell off. These stock have all been hammered in recent months, trading at or near 52 week lows. This second reversal in a week speaks of a possible bottom forming in the sector. Stocks like Goldcorp could be setting up for a multi week bounce higher. Traders are taking note.