The Miners Pop

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On the mornining of Christmas Eve, I was looking with great interest at miners and junior miners (what else does one do during this blessed season?) I was ready to get long GDX, but, as trading gremlins like to do, they decided my brokerage wouldn’t work that morning………so: no trade.

It’s unfortunate, because the 24th saw a nice pop in both GDX and GDXJ, and it’s extending today. The question, of course, is whether this little lift exhausts itself, just as it has consistently done since October 28th, or whether it gets a rise to firmer resistance. My hunch is that this is probably about all that’s left in the gas tank, but there’s a chance miners could must their way back up to the low of November 20th; at that point, however, I would certainly sell (if, cough cough, I actually had a position from the 24th).

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