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Monday, November 3, 2014

Election Week and Miners

Miners are near a multi year low, there is no question when looking at an historical chart.
The question is, do we go ANOTHER 40% lower first?
Whenever the bottom is hit, I expect a mega rally back.
I won't add a dime here, wait for miners to break above 24.
However from the low of 16.89 on Friday to 24 is a 42% gain, and GDX was at 24 just last month!

I think the bottom will depend on the elections and reaction, so I don't think we will know the result until next week.
Today GDX rebounded to 17.91 from 16.89, a 6% gain.

I recommend a read from ChartFreak by clicking here.