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.

Gold Miners ETF on the Move

The Market Vectors Gold Miners ETF (NYSE: GDX) emerged from a 5-month accumulation pattern today, as it gapped-up above 51.10/20, and has continued to an intraday high at 52.75 so far. Let's notice, however, that the 5 month accumulation pattern fits into a much larger potential accumulation pattern that spans back to March 2008. If the GDX climbs above 55.00/40, then the larger bullish pattern will trigger upside targets at 57.50, and 62.60 thereafter. Only a sudden downside reversal that breaks back below 51.00 will be an initial warning signal that all is not right with the miners, while a break below 48.00 will wreck the bullish pattern totally.

  • 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!