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Market Update: DUST, GDX

The Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) has not decisively penetrated our stop level and in fact is reversing.

The Hourly chart of the Direxion Daily Gold Miner Bear 3X ETF (NYSEARCA:DUST) shows that price action has attempted to make a new low. That move has failed.

Price action has now reversed and is moving back into the range.

DUST Hourly

Chart by TeleChart

It should be noted that the overall markets (Dow, S&P 500) appear to be in a reversal as well.

Disclosure: I am long DUST.

Stocks: DUST, GDX