GDX - net monthly declines

Despite the precious metals seeing net monthly gains, the mining stocks were back on the slide. The ETF of GDX saw a net monthly decline of -2.5% @ $19.60. The broader trend from 2011 remains bearish, with GDX set to break the Nov'2014 lows at some point this summer/autumn.


GDX, daily

GDX, monthly

Summary

Suffice to say... there is little reason for any of the Gold bugs to hold the view that a key floor is yet in.. whether for the precious metals themselves.. or the related mining stocks.

With the USD set to break a new multi-year high (>DXY 100.7) this summer, commodities will be under renewed downward pressure.

If Gold $1000, then GDX could still lose another 35/45% from current levels... before year end.
-

*I will be looking for a key floor in the metals/miners later this year.

CHK - falling with Nat' gas

Whilst the broader market saw a day of moderate weakness, there were significant declines in most energy stocks, as Oil/Nat' gas prices fell. Chesapeake Energy (CHK) settled -4.7% @ $14.06. Downside to the $12/10 zone looks highly probable this summer.


CHK, daily

CHK, monthly

Summary

To be clear.. I am VERY bullish for CHK in the longer term - along with Nat' gas (and even Oil) prices, however, the giant down wave from summer 2014 is seemingly not yet complete.

-
*I will consider going long a number of energy stocks - inc' CHK, in the late summer/early Autumn.. at which point the market - along with energy prices might have floored.

INTC - battling to hold above the 200dma

With the main market seeing borderline sig' gains, there was notable strength in Intel (INTC), which settled +1.9% @ $33.73. There will be strong resistance around the $35.00 threshold. Regardless of any weakness this summer/autumn, the longer term outlook is extremely bullish into the $50s.


INTC, daily

INTC, monthly

Summary

*the first decisive daily close above the 200dma since early March
--

Suffice to add, regardless of any main market weakness this summer/autumn, the long term outlook for INTC looks absolutely bullish... set to challenge the historic high of $55.45 (Aug'2000).

Such a level is clearly going to take at least another 12-18 mths to reach, and that is assuming the broader market can accelerate as the US fed raises rates.

A monthly close under the old breakout level of $25 looks unlikely for... years.

*INTC is one of my top 3 tech stocks... and also of the Dow.