Miner Bull

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Lately, it's my hedges – – ironically – – that have been harming me. Yesterday morning it was an UUP and TLT short. This morning, it was an FXE and SPY long. Yuck.

In spite of this, I'd like to seek out items that can act as a salve for my shorts during up-moves. GDX seems like a good choice right now. Precious metals are acting amazingly, even in the face of a Euro meltdown. More importantly to me, the chart for GDX has been very constructive lately, particularly when one considers the massive, massive accumulation over the past year and the very clean, yet modest, retracement over the past month.