GDX - miners having continued problems

With the main market significantly lower, and precious metals also especially weak, the miners had a rough end to the month. The ETF of GDX settled -2.4% @ $25.84. Near term outlook is bearish, not least if metal prices continue to slide.


GDX, daily

GDX, monthly

Summary

*it is notable that GDX saw monthly declines of -2.3%.
--

So... the miners are facing not only a weak broad equity market (at least for the past 5 trading days), but metals are also looking highly vulnerable (see Gold/Silver page).

I remain resigned to Gold eventually falling to test the giant $1000 threshold. If that is the case, then the miners have a long way to fall from here.

TWTR - a significant way higher to climb

With better than expected earnings, TWTR jumped a rather extreme 21% at the open, settling +19.9% @ $46.20. Near term outlook is bullish into the low $50s. TWTR looks set to battle higher in late summer to the 58/60 zone.


TWTR, daily

Summary

*it is notable that in Tuesday AH trading, TWTR was trading in the $51s.
--

Suffice to say... TWTR is one of the top 3 hysteria/momo stocks, and having pleased Mr Market, looks set for much higher levels across the next few months.

The daily candle - a black-fail is somewhat bearish, but still.. a 19% gain negates any kind of bearish outlook in the immediate term.

ANR, BTU - coal miners trying to breakout

Whilst the broader market saw some moderate price chop, there was noticeable strength in the coal miners. Alpha Natural Resources (ANR) and Peabody Energy (BTU) closed with very significant gains of 9.9% and 2.7% respectively. Near term outlook is bullish.


ANR, daily

BTU, daily

Summary

Suffice to say...interesting daily gains, but.. the multi-year trends remain extremely bearish.

*I will only consider picking up a few of the miners after the next multi-month down wave, which will probably not be until next year.