Pre-Market price action in the Market Vectors Gold Miner ETF (NYSEARCA:GDX) is what one would expect with a false-breakout to the upside at the last session.
False breakouts "trap" those in the wrong position (in this case, the longs).
Currently, the Direxion Daily Gold Miner Bear 3X ETF (NYSEARCA:DUST) is trading in the 24.50 area. This is nearly three-quarter points (and 3%) higher in the pre-market.
Chart by TeleChart
At the open, DUST might retrace a little. If so, we will be on gard to see if there is an entry opportunity.
Disclosure: I am long DUST.