GDX Gold Miner ETF, Daily Chart

So do you want to be an optimist and note the very normal looking pullback to short-term support? Maybe a pullback to intermediate support at the SMA 50? Or do you want to be a pessimist (or optimist, depending on your positioning, orientation, etc.) and look at the lower gap and major support to which the SMA 200 is rising? What about the diverging RSI & crappy looking MACD?

Interlude: Look, it’s just a chart. Beware The Men Who Stare at Charts and try to make you think they have special powers and see mystical things that you cannot see. They are dorks, nerds at best, the whole lot of them. I know because I am one. Seek out the even keeled nerds and cull out the sensational promoters. Or better yet, do it yourself as I know many of you do anyway.

We’ll do the actual comprehensive work of rounding up the precious metals in NFTRH on Sunday. Things are pretty much normal to my view, which was that the sector had been overbought and subject to a pullback. The question now is ‘how much of a pullback?’, and I think the cyclical markets will help inform about the answer to that. Hint: at this moment I like that stocks and gold miners seem nicely opposed.

gdx

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