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Market Summary: CCJ, GDX, GLD, NEM

|Includes:Cameco Corporation (CCJ), GDX, GLD, NEM

The Market Vectors Gold Miners ETF (NYSEARCA:GDX) is up while the SPDR Gold Trust ETF (NYSEARCA:GLD) edges lower.

It's a fractured market. There may be trading opportunities, however, those available may only be short-lived.

There are always exceptions and Newmont Mining (NYSE:NEM) may be one (shown further down).

The GDX daily chart shows that price action is nearing the underside of the trend-line that was penetrated (with volume) on 4/15.

GDX Daily

Chart by TeleChart

This action may be a test of the trend-line break. How it behaves at that level may give clues whether or not it will break through or be turned lower. At this point, it looks stronger than the last session.

Looking at Newmont Mining (NEM) we see a well defined resistance point at the 26 - level.

NEM has already tested this level in mid-March and is now coming back for a second look.

NEM Daily

Chart by TeleChart

Cameco Corp. (NYSE:CCJ) may be in the beginning stages of a reversal as seen on the weekly chart.

CCJ Weekly

Chart by TeleChart

Price action has eroded last month's reversal tail and CCJ is showing beginning signs of demand.

At same time, the price of U308 continues to decline and is now at multi-year lows.

However, after declining 77% over a three-year period, most of the speculative excess in U308 may have been washed out.

As stated in the mid-session update, our stop is tight at 22.77 which is this week's low. A penetration of that low would mean that the nascent up-trend is failing and we need to be on the sidelines.

This could very well be an entry that is stopped out quickly. With that understanding, it is still a low risk point in a rising equity and therefore worth pursuing.

Disclosure: I am long CCJ.

Stocks: CCJ, GDX, GLD, NEM