More Upside Expected for Gold Miners ETF

Mid-Day Minute for Thu February 18th 2010
by Mike Paulenoff, www.MPTrader.com
 << February
2010		 >> 
SMTWTFS
31123456
78910111213
14151617181920
21222324252627
28 

 

The "new" relationships continue today -- strong dollar, relatively strong commodities, and equities, and compromised Treasuries. Let's have a look at the Market Vectors Gold Miners ETF (NYSE: GDX). The two-day pullback from 45.34 to 44.05 into the IMF gold sale announcement turned out to be a vicious pivot point for the start of a new upleg off of the Feb 5 low at 39.76. As long as the GDX holds 44.00, I want to be long and I will look to add to the long position, hopefully into a bit of weakness (45.00-44.70) prior to upside acceleration towards my next optimal target zone of 47.30/80.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.
Login to our "Echo" Comment System by using your user name and password from any of our AdviceTrade services (AdviceTrade.com, TheTechTrader.com, MPTrader.com, MarketsPath.com, and SwingTradeOnline.com):

Login Now to share your comments

Create your display name!

Login with your id from any of our AdviceTrade Sites:
AdviceTrade.com, TheTechTrader.com, MPTrader.com, MarketsPath.com or SwingTradeOnline.com



Forgot your password? Click here.
Not registered? Register for free.

FREE Weekly Wizards Newsletter

Weekly Wizards Newsletter
  • Stock & ETF Picks by Pros
  • Technical Market Analysis
  • Weekly Swing Trading Ideas