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October 4, 2016

Tuesday Oct 4, 2016

Gold Miners should bounce near the Green Line.
Gold Miners should bounce near the Green Line.

 

10/04 /2016:  Markets dropped today as the US Dollar popped up. The S&P 500 closed below the Red Line (50-day average), and Bonds were down also.

The Gold Miners got whacked hard today, but the Relative Strength on the Gold Miner Index is still 93 GDX and Junior Minors is 97 R S GDXJ.

If the Gold Miners can bounce around the Green Lines soon, they could make it back up to the August Highs again in a few months… Don’t forget that GDX was $66 just 4 years ago ( now $23.40). We might Buy GDX for a Long Term Buy soon.

Money Wave Buy on OCLR today, but we did not log it, as it is too Close to the Highs (not good Reward/ Risk). Current Open Positions

Money Wave Buys soon for BABA CLF GDX & TCK   We will email you when they are ready.    Watch List Page 

We stopped out of CDE and GDXJ with nasty losses, but should be able to make those back up soon if the Miners hold here.

Closed Positions      Charts for Leaders 

Alert! Market Risk High (Red Zone). The probability of successful Short Term Trades is lower, when the S&P 500 is Way Above the Green Line. Even the Strongest Funds can get chopped up. Either take quick gains from Money Wave Pops, or STAY IN CASH & WAIT for a larger correction

Posted By AbovetheGreenLine at 10:39 pm 4 Comments

Comments

  1. PoulsboTrader says

    October 5, 2016 at 10:14 am

    Crazy that RS is still so high on GDX and GDXJ. No bounce here and it could see 22 on the pattern break and prior support area.

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    • AbovetheGreenLine says

      October 5, 2016 at 10:24 am

      Not really, when you consider that GDX is still up 85% since Jan, and GDXJ is up 100%… This should be a normal pullback to the Green Line, to Flush out the non-Believers!

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      • PoulsboTrader says

        October 5, 2016 at 1:01 pm

        Well, it looks today so far with hammers now on GDX and GDXJ. GDX bounced off 200 day and GDXJ off 200ema.

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        • AbovetheGreenLine says

          October 5, 2016 at 1:20 pm

          It is a STEEP decline, so the first bounce might not go far…

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