Tuesday, April 05, 2011

Gold Stocks Update


Above is a daily chart of GDXJ and in the lower panel is GLD which is the ETF for gold. If you recall my comments from last month you will know that I was bearish on the gold stocks because they failed to make a new high along with gold and silver.

I've been short GDXJ since last month and the trade did appear to be working (briefly) but today things changed in a big way and I got stopped out of my short position at a loss. I'll stand aside until I see an opportunity develop.


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