If you're long GDX/NUGT right now, you're fighting a trend...so ya, it's a bad trade. It's been that way for 2 months now.
But to dismiss the bottomless pockets sentiment is ignorance. I point it out almost daily. Just watch level 2 even for 5 minutes...it's plain as day. EVERY time GDX/NUGT start to gain traction, suddenly a crap ton of stock becomes available to sell and the ASK sizes are raised to huge numbers as they keep the price in place and/or walk the price down.
There is no way in H. E. Double-Hockey Sticks there are still that many shares that need sold with the volume experienced the last month. Period. That is naked shorting. Which, they will continue to get away with unless/until something transpires that causes them to lose control as the rest of the market goes against them OR they decide to start to cover.
Metals and Miners are at O/S extremes not seen in years (if not decades). So they are very weak right now so any move downward is exacerbated.
However, if you've HODL'd the piss out of it to this point (a la myself and I believe yourself), it's very difficult to sell at these levels when you downright know that sentiment is going to eventually improve in the coming weeks/months. That doesn't portend that the lows are already in.
I myself am losing patience...as I can clearly see that if I was swing trading this I'd likely make back the losses much quicker. If something doesn't change soon, I very well may do that. All JMO.
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