True both ABX and GG are reporting before the open tomorrow. Together they make up a 26% weighting of the index.
Many funds have been left behind in the last two days with both "volume" and price gaps that they will try to fill soon. The smart early players are now supplying profit taking pressure.
The pullback can go as low as 24.70 to fill the first gap or 24.00 to fill the second one.
There will lie the great buying opportunities. The next charts are showing the weighted advance/decline IBD ratings for all GDX components (WAD), the weighted RS IBD ratings (WRS) and the relative strength of GDX to GLD. Clearly a new long term trend is born. But more large players need to enter below yesterday's prices for a sound continuation after a higher low is made. Billy
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