GDX - the down trend of destruction continues

Whilst the broader equity market saw minor chop, there was again notable weakness in the precious metals, and that naturally had a negative effect on the miners. The miner ETF of GDX slipped -1.9% @ $24.10. Near term outlook is bearish.


GDX, daily

Summary

Suffice to say, it was just another lousy day for the precious metals, and as usual, the mining stocks were naturally badly hit.

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*my broader outlook is for Gold $1000/900s.. and if that is the case, then miners are going to lose another 25/30% on average. GDX will probably fall into the mid/low teens by mid 2015.

AAPL - new products & services

Whilst the main market saw another day of minor chop, there was significant strength (at least initially) in Apple (APPL) +3% in the $103s, but settling -0.5% @ $97.90. Near term outlook is bullish, with viable upside to $105/07 in the immediate term.


AAPL, daily

Summary

With yet another iPhone issued, along with a watch, and some 'apple pay' service, the market was more than pleased with today's announcement.

Even though AAPL closed a little lower, the huge drop that some equity bears were seeking simply didn't occur.

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If the main market does not unravel into year end, then AAPL looks set for the $120s.

GDX - miners lose the 200 day MA

With the precious metals being pressured lower by a rising USD, the miners started the week on an especially negative note. The miner ETF of GDX settled -3.3% @ $24.23. The break under the 200dma is very significant, and bodes for much lower levels.


GDX, daily

Summary

Little to add from recent posts.
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So long as the metals keep falling.. the miners are going to slide - regardless of however strong the main equity market is.