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Market Summary: CCJ, GDX, FAZ, NEM

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

Cameco Corp. (NYSE:CCJ) was stopped out at 22.77 at the level indicated in yesterday's post.

This set-up appears to have failed as they will do occasionally. So, we are out and on the side-lines.

The Market Vectors Gold Miners ETF (NYSEARCA:GDX) continues to get beat up in an unstable market.

There is no clear indication of a low risk entry, so this one is being left alone.

If Newmont Mining (NYSE:NEM) pushes below 24.97, the potential breakout discussed yesterday may be failing........again, leaving this one alone.

Meanwhile, the Direxion Financial Bear 3X Shares (NYSEARCA:FAZ) does have a low-risk opportunity.

The chart below shows that FAZ had a gap-lower open and a higher close. The set-up is not perfect but it has closed back into the previous trading range which classifies this as a false breakout (to the downside).

(click to enlarge)FAZ Daily ChartClick to enlarge

Chart by TeleChart

Initiated long FAZ at 20.09 with a soft-stop at 19.87 and a hard-stop at 19.80. At a stop of 19.87, this gives a risk of 22-cents/share.

Disclosure: I am long FAZ.

Stocks: CCJ, GDX, FAZ, NEM