Wednesday, November 19, 2014

GDX premarket comment

GDX's chart:

For the past 6 months there has not been one day when GDX was this far above its EMA(9).

So it wouldn't surprise me to see a bit of backfilling today. So maybe I shouldn't buy more junior miners, since I'm going to be incommunicado this afternoon. Especially with gold opex on the 24th.

The question is, can this continue? I guess that depends on this:

USD ended yesterday in a precarious position. If it looks like it's about to lose 87.6 and its governing short-term EMA, that might stimulate more short covering and thus buying of miners - if you believe that half-assed pair-trade thesis of mine from last night.

We'll see!

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