Well, I feel like I'm betraying a friend, because GDX was very, very good to me over the past 20 hours – – – but I would keep a cautious eye on precious metals, still.
I know "golden Gary" would chuckle at this, since he has said repeatedly trying to fine-tune and time trading precious metals is a sucker's game but……….I'm more of a "bird in the hand" kind of guy myself. So I've taken my handsome GDX profits.
On a more general note, I've really got to say – emphatically! – that I think it's somewhat telling how very obvious and clean /ES opportunities just fall to pieces on the long side recently. That's unusual! We had a nice little basing pattern, as indicated by my prior post, but that's looking much weaker right now. I think the bulls are starting to get their first true taste of frustration in, oh, about the past half-year.
