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Market Summary: DUST, GDP, LOCK

LifeLock Inc. (NYSE:LOCK) pushed through our stop set at the prior day's low of 17.25.

The original stop was at 17.16 so the trade was within our maximum risk. It was logged as a minor loss.

Goodrich Petroleum (NYSEMKT:GDP) is pushing higher. In doing so, it has established an aggressive trend-line and potentially a trading channel.

GDP Daily

Chart by TeleChart

Keeping with the assessment that the gold market is still in trouble with the miners retracing too deeply, an entry was made on the Direxion Daily Gold Miners Bear 3X ETF (NYSEARCA:DUST).

The weekly chart of DUST below does not paint a good picture for the longs. Very few will be prepared for yet another leg down.

With each passing day, it seems as if this type of wash-out is necessary to eliminate as many bulls as possible so that the real bull market (and corresponding inflation surge) may start.

Subsequent market action will reveal if the wedge pattern shown below is in-effect.

DUST Weekly

Chart by TeleChart

Disclosure: I am long DUST, GDP.