Careful observers over the past eight years may have noticed I don’t tend to go long very often, but earlier today I bought a pretty decent-sized slug of GDX as a bounce play. Precious metals and miners have been battered to pieces lately, and although I believe firmly that gold will eventually bottom at about $1070, and miners have further to fall, I’m going to play the bounce for probably a few days. This is somewhat hazardous, of course, since prior pattern breakdowns have exhibited persistent selling for months on end.
