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Market Update: IWM Pushing Higher While GDX Is Pulling Back

We have not re-entered the iShares Russell 2000 ETF (NYSEARCA:IWM) as it did not immediately retrace its high.

Meanwhile, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) looks to be re-asserting its down-trend.

Therefore: Initiated long Direxion Daily Gold Miners Bear 3X Shares ETF (NYSEARCA:DUST) with a stop at 23.38.

(click to enlarge)GDX DailyClick to enlarge

Chart by TeleChart

Disclosure: I am long DUST.

Stocks: DUST, GDX, IWM