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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
Hecla’s Best Quarter Met Cooling SentimentOn August 4, Hecla Mining (HL) reported the best financial position in its nearly 135-year history. The company retired $263 million of senior notes and ended the quarter effectively debt free. They hold $483 million in cash and still have an undrawn $225 million credit facility available to them. Free cash flow more than doubled year over year to $136 million. And cash flow from continuing operations was up 61% to $175 million. The list continues.Lucky Friday set a quarterly silver production record at 1.5 million ounces. Revenue came in at $334 million, up 52% from the quarter a year ago.
While the market finally began the rally we wanted to see to the next target overhead, the manner in which we seem to have rallied is leaving a bit to be desired from a structure standpoint.As a purist, I would view the rally today as completing the 3rd wave within wave (3) of v of (iii). That means we need one more rally to complete just wave (3) of v of (iii). But, something looks off about the structure.So, for now, I am going to remain a purist and expect another rally to complete wave (3).
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