More Upside Expected for Gold Miners ETF
Mid-Day Minute for Thu February 18th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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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.
