GDX, daily
GDX, monthly
Summary
There remains a large delusion amongst the clown channel TV hosts that 'everything is fine, stock market is going to keep soaring across 2012', yet many of the economists/analysts guesting today were actually deeply bearish. Some were very clear in their gloomy outlooks, noting that most of the EU is now in recession, and that the USA will suffer to some extent later this year. The USA is NOT immune to the deep recession in already re-starting in Japan, UK, and the wider Euro-zone.
The mining sector was the first big sector to implode in 2008 - along with the main commodity bubble. GDX continues to be in a serious down trend, and shows no sign of levelling out. In fact, a snap candle of -10% is very possible this May or June.
First target of $40 is still around 12/15% away, so there is plenty more downside available.
