GDX - falling in a soaring market

Whilst the main market continues to soar, the miners - along with Gold/Silver, are failing to participate. The Gold Miner ETF - GDX, saw a significant decline of 3.3% @ $26.10. A near term bull flag might be failing, in which case...renewed severe downside is imminent.


GDX, daily

GDX, monthly

Summary

For the Gold bugs out there, they have to be wondering just what is necessary to halt the fall in not only the gold/silver mining stocks, but also in the commodities of Gold/Silver.

Despite the FOMC continuing to keep QE at $85bn a month, and despite the main market breaking new historic highs, the miners are looking in real trouble again.

Any price action for GDX <$25.00 will probably be enough to confirm a failed bull flag...and the start of yet another multi-week down cycle.

Mid-term outlook...new lows...perhaps all the way back to the 2008 lows in the $15s.

*the same outlook seems likely for Gold and Silver, with a key multi-year low, no later than early 2016, but far more likely 2014.