GDX - the horror show... continues

With precious metals continuing to slide, the mining stocks were naturally getting smashed lower from the open. The miner ETF of GDX settled lower by a very significant -3.1% @ $16.67. Near term outlook is for 15/14s.


GDX, daily

Summary

The intraday bounces are pretty sharp... but they never last long... and GDX looks set to remain in sync with the precious metals.
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*Trading volume remains HUGE. It is arguably a sign that the bulk of the decline is done... which I would agree with.. at least in the near term.