I am not sure that I have ever seen a market that is attempting to throw off as many participants as possible in as many ways as possible with as many market variations as possible.
For the bulls, The Market Vectors Gold Miner ETF (NYSEARCA:GDX) posted a reversal at the close. Some might think "This is it!" the long awaited bull market. The bottom is in......
Well, it could be........ but that scenario, if it is to come to fruition needs to result in a higher high for GDX than today. There is still the rejection of higher prices from yesterday's session.
From a short-covering standpoint and being long on the Direxion Daily Gold Miners Bear 3X ETF (NYSEARCA:DUST) there are no exit signals.
A reversal in the middle of an up-trend (mid-stream) is not necessarily an exit signal.
If a lower low is posted in DUST on subsequent sessions.... that may be considered a viable exit signal. We will see.
In any event, it may start to get interesting from here.
Chart by TeleChart
Disclosure: I am long DUST.