Monday, 10 November 2014

GDX - smacked back lower

With precious metals sliding lower across the day, the mining stocks were naturally re-crushed. The mining ETF of GDX settled lower by a very significant -6.4% @ $17.45. The broader downside target remains 15/14s.

GDX, daily


Weak metals... and all those calling a key floor last Friday are once again having to review their broader outlook.

There is ZERO reason why Gold won't hit the giant $1000 threshold, and if that is the case, then miners have another 25/30% to fall.

Notable mention for the 3x short junior minor ETF of JDST..

JDST, 60min

The daily swings are VERY powerful.. and as ever.. it is the stuff of dreams for the day traders. Holding across multiple days..or weeks... huge problems in terms of statistical decay.