Direxion Daily Gold Miners Be (DUST)

[Sgreg]

Correction in my view concerning miners should have already happened. In my view since 3 weeks ago miners have moved up from momentum only. Gold is flat over the last month, miners are not cheap at all in any way and they have been very over-bought, however they keep going higher. Miners will correct when the momentum/pumping/irrational frenzy subsides. Unless there is some knee jerk event to cause them to jump more then I'd guess they start to correct this week. When they do I'll be looking for the top 2 gap ups in GDX (one today and the one at 20.23) to fill at minimum and I'll look for GDX to go to around $18.5 or so before correction is completed, something like that.