Direxion Daily Gold Miners Index Bear 2X SharesArca
Description
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DUST held Fib support from yesterday's swing high and low. Made a higher low from yesterday and just made a higher high as I edit my idea live. Miners looks super extended and failed to make new highs despite the strong moves in gold and silver. Not sure how long it lasts but the time may be write for a miners counter trade. As you know I am a precious metals bull but the moves here are extreme and are getting long in the tooth. GDX undercurrent yesterday's low.
Comment
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This broke thru $19.06 this morning. Watching GDX levels 39.72 and then 38.50
with those etf the only way to win is short in any rally. eventually it all goes down and then RS
derekjgbrown
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What makes miners seem super extended to you? Having trouble understanding why miners arent moving up while the metals are breaking out to new ath.
BobbySpa
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@derekjgbrown, miners typically lead moves in the metals. Miners failed to make a new high today despite gold and silver being up big on the day. In fact GDX undercut yesterday’s low. We could be looking at a temp top in metals. My belief is that we go higher but SLV was 18 two weeks ago and GLD was 170. We need a little break
BobbySpa
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@derekjgbrown, did you see how it played out? Miners starting looking weak late last week and the metals followed?