Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

GDX Ricochets Off of Meaningful Support. What Now?

The only technical justification I have so far for putting money to work in the Gold Miners is that the price structure has found support so far right at the lower-boundary line coordinate of the down-sloping 13-month channel, now at 13.75.

If the lower-channel line contains further weakness (+/- 1% slip down to 13.60), then just maybe Market Vectors Gold Miners ETF (GDX) is establishing the first low-coordinate of a significant bottoming process.

Should such a bottom emerge-- distinct from a "V" Bottom, then we should expect a period of basing between 13.60 and 15.50 in the upcoming days and weeks.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!