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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • GDX: Quiet, Testing In Progress............ 2 comments
    Jun 17, 2014 4:41 PM | about stocks: GDX

    The Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) is testing the underside of the trend break shown in the daily chart below:

    The test may be nearing completion and volume has contracted for the day........

    Subsequent action will give more detail on whether this is a trend-change or a yet another set-up that has been orchestrated to trap the bulls.

    (click to enlarge)GDX Daily

    Chart by TeleChart

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: GDX
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  • zaw77
    , contributor
    Comments (54) | Send Message
    Hello Paul, I would appreciate your update on miners, GDX, D UST and NUGT. Are you looking for entry?
    21 Jun 2014, 02:17 AM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (120) | Send Message
    Author’s reply » Hello zaw77,


    I will post a technical update (charts) within a few days (probably this coming Tuesday).


    The current sharp up-move has taken the GDX to the top of the wedge as mentioned in this post:



    If a short was initiated (going long DUST), the stop location is well defined at 17.54 (or maybe a little bit lower).


    Unless GDX breaks through the wedge to the up-side, I still see the market as a bear market and so would not plan to go long.


    The overall market (S&P 500) is at an extreme and interest rates appear to be on the rise. One other time that this was the case (market extreme and rising rates) was in late 1987. We all know what happened that year.


    It seems that interest rates would need to continue to rise (bonds falling) to really put the market at risk.


    Even so, it looks like there may be better opportunities in other markets like real estate.


    I will post an update on the IYR on Monday.


    Thank you for your question,


    22 Jun 2014, 11:47 AM Reply Like
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