• SPX Monitoring purposes; Sold 10/25/17 at 2557.15=breakeven; long SPX 10/16/17 at 2557.64. • Monitoring purposes Gold: Covered short GDX at 23.23 on 10/20/17 =gain 2.56%; Short GDX on 10/13/17 at 23.84. • Long Term Trend monitor purposes: Neutral.
There is a cycle low due around December (+ or – a month). The chart above suggests in general that the gold stocks should move lower into that cycle low. The bottom window is the Bullish percent index for the Gold miners index which shows that 32.14 (less than a 1/3 of gold stocks) that are on point and figure buy signals and not a strong showing. Since early 2017, GDX matched its February higher where GDX/GLD ratio fell short, showing GDX is outperforming GDX/GLD ratio. In bull moves for gold and gold stocks the GDX/GLD ratio outperforms GDX. After the next major low we should see GDX/GLD ratio showing strength against GDX and see the Bullish Percent index jump to 60% or higher. As for now in general the trend is down to a possible low in December. Covered short GDX on 10/20/17 at 23.23 = gain 2.56%; Short GDX 10/13/17 at 23.84.
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