Thursday, March 6, 2014
The chart is the chart, and GDXJ is moving up.
Like I said, GDXJ bore watching. Whatever my theories are about the price of gold and the broader markets and yadda yadda, if the juniors still go up from here then I have to either buy them or explain to myself why I don't want to make money.
I like money.
So here's GDXJ as of this morning:
GDXJ is threatening to break above the top line of the pennant, so it doesn't matter what I think about gold and the miners and the PDAC curse: if it keeps going in this direction, it's going up.*
Even more, it looks like it's tested and is now loving away from its weekly SMA(50), which means a new longer-term bull market.
* - really all TA boils down to this, no? If it's going up, buy it. If it's not going up, sell it. Anything more complicated is just some wackaloon trying to be clever.