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Jeff Cooper: Are Gold Miners Going Higher?
From the Buzz and Banter: Despite needing a "rest," the gold miners have roared back.
Jeffrey Cooper    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Get Jeff's commentary plus day & swing trading ideas each day with a FREE 14 day trial to Jeff Cooper's Daily Market Report.

The Market Vectors Gold Miners ETF (NYSEARCA:GDX), like stocks, took a licking on Wednesday, but kept on ticking yesterday.

I have been bullish on gold and the miners ever since the time-and-price square-out at 114-115 due in late December -- 180 degrees from the late June selling climax.

On Wednesday, subscribers of The Daily Market Report [subscription required] were stopped out with a nice profit of a long standing swing position in GDX when a tight trailing stop was hit.

The trailing stop had been cinched up because GDX looked in need of a well-deserved rest.

A multi-day backtest and undercut of the 200 DMA looked in order, potentially even a backtest of the Neckline at 24.

It still may play out that way, but yesterday, GDX like the S&P 500 (INDEXSP:.INX) -- two unlikely bedfellows -- roared back in tandem without the benefit of a well-deserved pullback.

That's what bull markets do. They don't accommodate. They don't give those waiting to get in a chance to do so. And when they do, they usually test their resolve, and the give-back is greater.

That said, clearly, it looks like the trajectory for GDX to its Quarterly Swing Chart high as projected in this space [subscription required] is going to be sooner rather than later.

The Quarterly Swing Chart high is 26.91. This was the October high, the fourth-quarter high.

At the same time, late February is 180 degrees from the late August high, 120 degrees from the late October high, and 60 degrees from the late December low. It looks like a high-to-high-to-low-to-high cycle is due to hit.

This cluster of time harmonics indicates a turning point and may mirror the pattern from late August, especially if GDX runs head-long into it, coincidentally satisfying a turn up of its quarterlies.




Twitter: @JeffCooperLive
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Jeff Cooper: Are Gold Miners Going Higher?
From the Buzz and Banter: Despite needing a "rest," the gold miners have roared back.
Jeffrey Cooper    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Get Jeff's commentary plus day & swing trading ideas each day with a FREE 14 day trial to Jeff Cooper's Daily Market Report.

The Market Vectors Gold Miners ETF (NYSEARCA:GDX), like stocks, took a licking on Wednesday, but kept on ticking yesterday.

I have been bullish on gold and the miners ever since the time-and-price square-out at 114-115 due in late December -- 180 degrees from the late June selling climax.

On Wednesday, subscribers of The Daily Market Report [subscription required] were stopped out with a nice profit of a long standing swing position in GDX when a tight trailing stop was hit.

The trailing stop had been cinched up because GDX looked in need of a well-deserved rest.

A multi-day backtest and undercut of the 200 DMA looked in order, potentially even a backtest of the Neckline at 24.

It still may play out that way, but yesterday, GDX like the S&P 500 (INDEXSP:.INX) -- two unlikely bedfellows -- roared back in tandem without the benefit of a well-deserved pullback.

That's what bull markets do. They don't accommodate. They don't give those waiting to get in a chance to do so. And when they do, they usually test their resolve, and the give-back is greater.

That said, clearly, it looks like the trajectory for GDX to its Quarterly Swing Chart high as projected in this space [subscription required] is going to be sooner rather than later.

The Quarterly Swing Chart high is 26.91. This was the October high, the fourth-quarter high.

At the same time, late February is 180 degrees from the late August high, 120 degrees from the late October high, and 60 degrees from the late December low. It looks like a high-to-high-to-low-to-high cycle is due to hit.

This cluster of time harmonics indicates a turning point and may mirror the pattern from late August, especially if GDX runs head-long into it, coincidentally satisfying a turn up of its quarterlies.




Twitter: @JeffCooperLive
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Jeff Cooper: Are Gold Miners Going Higher?
From the Buzz and Banter: Despite needing a "rest," the gold miners have roared back.
Jeffrey Cooper    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Get Jeff's commentary plus day & swing trading ideas each day with a FREE 14 day trial to Jeff Cooper's Daily Market Report.

The Market Vectors Gold Miners ETF (NYSEARCA:GDX), like stocks, took a licking on Wednesday, but kept on ticking yesterday.

I have been bullish on gold and the miners ever since the time-and-price square-out at 114-115 due in late December -- 180 degrees from the late June selling climax.

On Wednesday, subscribers of The Daily Market Report [subscription required] were stopped out with a nice profit of a long standing swing position in GDX when a tight trailing stop was hit.

The trailing stop had been cinched up because GDX looked in need of a well-deserved rest.

A multi-day backtest and undercut of the 200 DMA looked in order, potentially even a backtest of the Neckline at 24.

It still may play out that way, but yesterday, GDX like the S&P 500 (INDEXSP:.INX) -- two unlikely bedfellows -- roared back in tandem without the benefit of a well-deserved pullback.

That's what bull markets do. They don't accommodate. They don't give those waiting to get in a chance to do so. And when they do, they usually test their resolve, and the give-back is greater.

That said, clearly, it looks like the trajectory for GDX to its Quarterly Swing Chart high as projected in this space [subscription required] is going to be sooner rather than later.

The Quarterly Swing Chart high is 26.91. This was the October high, the fourth-quarter high.

At the same time, late February is 180 degrees from the late August high, 120 degrees from the late October high, and 60 degrees from the late December low. It looks like a high-to-high-to-low-to-high cycle is due to hit.

This cluster of time harmonics indicates a turning point and may mirror the pattern from late August, especially if GDX runs head-long into it, coincidentally satisfying a turn up of its quarterlies.




Twitter: @JeffCooperLive
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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