Despite early morning gains of around 4.5%, with the precious metals cooling across the day, the mining stocks still closed lower for the fifth consecutive day. The miner ETF of GDX, settled -1.0% @ $17.16. Outlook is bearish, with near term downside to the low 16s, if not 15/14s.. with Gold $1100/1080.
GDX, daily
Summary
Suffice to say... for the gold miner bulls.. a very disappointing day.. with opening gains.. completely failing.
Indeed, GDX even turned net lower by 11am.. before a bounce into the afternoon.
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*I remain short the miners (via GDX puts).. seeking to drop later this week.
