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Posts Tagged ‘GDX

Weekend Review

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Not much has changed, even with Friday’s +6% close.
Even fewer stocks breaking to new highs.
Optimistically, a couple stocks are climbing above the 50dma.
Gold showed good strength, and GDX was up 26%.
But gold is approaching resistance, so stay cautious.

The market is still terribly weak. Gold miners may offer some upside potential, but I suspect it is a better shorting opportunity until the broader market can find some traction. Treasuries are getting ridiculous, but it is too early to get short the long end of the curve. Keep an eye on TBT.

Written by chucklesamadeus

November 22, 2008 at 9:29 pm

Posted in BPSPX, GDX, Gold, SPXA50R, SPXHILO, VIX

Tagged with , , , , ,