• SPX Monitoring purposes; Sold long SPX 5/23/17 at 2398.42 = +1.76%; Long SPX 5/17/17 at 2357.03. • Monitoring purposes Gold: Short GDX on 5/22/17 at 23.20. • Long Term Trend monitor purposes: Neutral.
If GDX was ready to begin a rally then Up down Volume indicator (bottom window) and Advance/Decline indicator (second window up from bottom) should be showing signs of strength and rising and that is not what happening here. The last several days both indicators are trending sideways along with GDX. With GDX modestly down today, when UP Down Volume % and Advance/Decline % updates later tonight, these two indicators may show weakness. Still expect GDX generally move lower in the coming weeks. There is a possibility that GDX may test the December low near 19.00. Short GDX on 5/22/17 at 23.20.
The Terrorist Attacks In Europe Are Having A Bullish Affect On Gold And Gold Stocks By Tim Ord | June 6, 2017
• SPX Monitoring purposes; Sold long SPX 5/23/17 at 2398.42 = +1.76%; Long SPX 5/17/17 at 2357.03. • Monitoring purposes Gold: Covered 6/6/17 at 23.78=loss 2.5%; Short GDX on 5/22/17 at 23.20. • Long Term Trend monitor purposes: Neutral.
The terrorist attacks in Europe are having a bullish affect on gold and gold stocks. There are still negative divergence present as the GDX/GLD ratio did not confirm today’s rally in GDX and yesterday’s closes in Advance/Decline % and Up down Volume % (second and third window up from bottom) did not show a bullish divergence and predict today’s strong rally in GDX. Never the less a strong rally was present. GLD (Bottom window) is testing the April high which is a resistance area. Covered GDX short on 6/6/17 at 23.80 for minor loss of 2.6%. Short GDX on 5/22/17 at 23.20.
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