I have truly enjoyed trading GDX, the precious metals miners, recently. Unlike the grotesquely-manipulated SPY, IWM, and QQQQ, the GDX seems to be obeying the laws of rational economics and slowly but surely melting down.
I have been quite vocal about my bearishness on GDX (ducking tomatoes and chortles every step of the way), but I think this security could see $48 before finding any real stability. It's already fallen 15% since December 7th, and that means I think it has about another 13% to go.
