EliteTrader101
Short

Gold miners Short covering only

AMEX:NUGT   DIREXION DAILY GOLD MINERS BULL 3X SHARES
When price reaches 21, look for rejection on smaller time frames. Gold             is still weak and this is just another opportunity to reshort at higher prices. All this high volume just looks like short covering instead of new buying. The reason for this is that on the high volume UP days price either dropped the next day or didn't go up very high the next day.
On the quarterly gld             chart, price broke lower after failing to rotate higher, so i think price will be back down to the lows by the end of December.
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