declined 81% from its April 2011 peak to its December 2013 bottom. As we noted several weeks ago (http://www.gold-eagle.com/article/gold-and-silver-stocks-lead-metals-higher ), GDXJ tried to penetrate its December low three times and failed. The market has since rallied back above the previous (June) low. Given the severity of the bear in terms of price and time, extreme negative sentiment and recent bullish price action I believe it is highly likely that the bottom is in.
U.S. stocks that got hooked on Fed stimulus; emerging markets around the globe also were lifted, and the Fed's pullback now has investors wondering whether those countries can stand on their own.