GDX Update

[Billy]

GDX filled the gap of last Thursday, breaching the lower support trendline of its consolidation triangle. But its RS vs.GLD never even touched its own support line and is already trading back above the former declining resistance line. This is a bullish development. Another one is that, due to Columbus Day, the 5 largest component stocks are all trading at about 50% lower volume than on Friday at the same time of day. So the decline is under control of the large players and the PM MF is only 0.04% lower than on Friday’s close. I entered a long NUGT position around GDX=VWAP=Daily S1 =53.20 with an EOD stop < Weekly S1 (GDX 52.63).
Billy