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Title : Watching the junior mining tape on a day like this
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Watching the junior mining tape on a day like this

From reader 'SMI' and his mailbag question so instead of answering there, I'm answering here. Most seasoned investors know this stuff or have their own variation, this is merely a personal sketch:

Today Thursday is a market sell-off day and, unless you are that savvy short, like me you're poorer on paper than you were before the open. It doesn't matter. The most important thing on the tape at any given moment is summed up in two words, the well-understood concept of relative strength. There's no re-invention of the wheel in the advice to watch how your focus of interest is performing relative to your control group, or sub-sector, or sector or whatever. A guy with a default medium-term outlook on his portfolio, a guy who normally considers price targets 12 months into the future when buying something, e.g. me, knows that some days you'll turn on the screen to a sea of red. Other days it's green and beautiful, birds are singing and the social media airwaves are filled with sector good cheer. Again, it doesn't matter. This is junior mining and it's the way it is, so watch the tape for other reasons than jollies or masochism:

• That long position is down less than its peers. Good.
• Here's one down with the market, but doing lots of volume and trading with the trend. No worries.
• This trade is down big, but it's been on a great run recently and people are allowed to take their profits (never begrudge the other's trade). Relaxed, but will watch tomorrow.
• This one is looking illiquid, hardly any volume recently. Potential danger ahead, check on the trade.
• That one has sold off nastily and hardly moved up in the rally beforehand, either.  Danger.

Et cetera. But seeing yourself poorer in paper terms shouldn't even register in your head when you open your portfolio page on a tape watching day. As for uses, as seen above tape-watching for me is mostly about keeping an eye on the portfolio and considering adjustments. But I'm not averse to the occasional near-term trade and they'll show up, too. Probably a lot more for you though, I really don't do all that trading thing much. End of small brain dump, please have a pleasant day.

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