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
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.
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!
Well, it looks today so far with hammers now on GDX and GDXJ. GDX bounced off 200 day and GDXJ off 200ema.
It is a STEEP decline, so the first bounce might not go far…