The miners are lagging. Here are two versions of why and if there is something to be worried about.

[1] http://traderdannorcini.blogspot.com/2011/04/hedge-fund-ratio-spread-trades-continue.html

This is a straightforward explanation of the spread that hedge funds are using, and the reasons for the declining volume in these stocks. Keep this in mind when you look at this:

[2] http://thetsitrader.blogspot.com/2011/04/is-it-too-late-for-miners.html

So there are some reasons why the miners are less popular in recent years, basically since the advent of ETFs. And clearly that has resulted in a very long consolidation. But they have exceeded their previous high and are still hanging around that level.

If there will be a turning point, it could be explosive. Both analyses point to that possibility. But in the meantime, it is hard not to be worried that the mining shares are a non-confirmation of the recent gold break-out. Anyway, they haven’t collapsed, so maybe they are simply consolidating.