GDX - miners back on the decline

With the main indexes showing renewed weakness, the miners were certainly not going to evade the bear party today. GDX lost almost 2.5% at the close, and there remains no sign of a turn higher.

GDX remains on a multi-month decline, with even high quality miners like FCX still likely to decline a further 20/25% across the next 2-3 months.


GDX, daily

GDX, monthly

Summary

Primary target has already been hit, and now I'm seeking the miners to floor somewhere between 35 and 30. I would assume 35 equates to at least sp'1200, and GDX 30 might equate to sp'1125 or so. Note that my primary index target remains the low sp'1100s, so I am inclined to seek GDX in the very low 30s in Sept/Oct.