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I’ve bought GDX this morning. It’s not like it’s some amazing bullish setup, but it does look ripe for a modest bounce. To be clear, this is on a tight stop – 21.92 – so I’ll be out of this thing like a shot if it keeps pooing on itself. (UPDATE: this is a very flimsy position, so you might want to just kind of watch and wait……….gold continues to get trashed!)
Yesterday completed day four of the daily upper band ride by my count and I have had a look at these over the last five years to look at the amount of time these lasted. None were longer than ten days, and by definition they had to last at least three days, so the distribution was as follows:
3 Days – 3x
4 Days – 5x
5 Days – 6x
6 Days – 4x
7 Days – 3x
8 Days – 2x
9 Days – 2x
10 Days – 1x
