Friday, May 16, 2014

GDX and GDXJ look unhealthy


Breaking $23.50 to the downside is kinda bad.

And similarly:

Wow, losing $34.50 would suck!

What's the problem? Is gold losing support?

Well, gold doesn't really look that bad. So I don't get it.

Maybe everyone just thinks there's going to be another run of the gold stops, since gold has been hammerblowed at 8:30 AM each of the past two days?

Or maybe the guys who were playing gold miners as a proxy for a Modi victory are unimpressed with how their position played out, and are dropping in disgust?

Or maybe, simply, potato.

You choose.

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