The GDX, Still the Caboose on the Equity Train, But Exhibiting Strength

Once again, we have to be intrigued by the action in the Market Vectors Gold Miners ETF (GDX) since it March 11 low at 17.29.

On the one hand, my instincts continue to “warn” me that at some point before the major-index bull market hits exhaustion, The Street will come for the under-owned, despised Gold Miners.

On the other hand, it is all about the price action, so unless and until GDX can inflict some meaningful technical damage to the still dominant downtrend, The Miners will continue to under-perform.

For starters, GDX must claw its way above the Jan-Mar resistance line, now at 20.50, to get any upside traction.