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Jeff Cooper: Junior Gold Miners Have Formed a Bull Flag
Gold and the junior gold miners have set a higher low.
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+.

Following a down open on Monday, Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) exploded to the top side after triggering an Opening Range Breakout.

Below, see a 10-min GDXJ chart for Friday (June 27) and Monday (June 30).


Click to enlarge

In the process, GDXJ left a large-range outside up day (LROD or Lightning Rod), which should draw the attention of many players today, especially as yesterday's (June 30) rally threatens to offset the large-range downside day on June 24.

The last time GDXJ came out of a Bull Flag in March, it was a fake-out and breakout preceding a seven-week pullback. So, it will be interesting to see what follow-through will bring since the present Bull Flag sets up just below the top rail of a channel that ties to the Spring highs.

One year ago in June, gold and GDXJ set climatic bottoms. As anticipated, 180 degrees later, they set a higher low. So, this June was on the radar for a turn. While it looks like a low came in a few days before the beginning of the month satisfying the cycle, today, July 1, aligns with 45.75 on the Square of 9 Wheel. This was the March high. It will be interesting to observe the behavior if GDXJ kisses the March high this week.

Below, see a daily GDXJ chart.


Click to enlarge


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.

More From Jeffrey Cooper
Jeff Cooper: Junior Gold Miners Have Formed a Bull Flag
Gold and the junior gold miners have set a higher low.
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+.

Following a down open on Monday, Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) exploded to the top side after triggering an Opening Range Breakout.

Below, see a 10-min GDXJ chart for Friday (June 27) and Monday (June 30).


Click to enlarge

In the process, GDXJ left a large-range outside up day (LROD or Lightning Rod), which should draw the attention of many players today, especially as yesterday's (June 30) rally threatens to offset the large-range downside day on June 24.

The last time GDXJ came out of a Bull Flag in March, it was a fake-out and breakout preceding a seven-week pullback. So, it will be interesting to see what follow-through will bring since the present Bull Flag sets up just below the top rail of a channel that ties to the Spring highs.

One year ago in June, gold and GDXJ set climatic bottoms. As anticipated, 180 degrees later, they set a higher low. So, this June was on the radar for a turn. While it looks like a low came in a few days before the beginning of the month satisfying the cycle, today, July 1, aligns with 45.75 on the Square of 9 Wheel. This was the March high. It will be interesting to observe the behavior if GDXJ kisses the March high this week.

Below, see a daily GDXJ chart.


Click to enlarge


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.

More From Jeffrey Cooper
Jeff Cooper: Junior Gold Miners Have Formed a Bull Flag
Gold and the junior gold miners have set a higher low.
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+.

Following a down open on Monday, Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) exploded to the top side after triggering an Opening Range Breakout.

Below, see a 10-min GDXJ chart for Friday (June 27) and Monday (June 30).


Click to enlarge

In the process, GDXJ left a large-range outside up day (LROD or Lightning Rod), which should draw the attention of many players today, especially as yesterday's (June 30) rally threatens to offset the large-range downside day on June 24.

The last time GDXJ came out of a Bull Flag in March, it was a fake-out and breakout preceding a seven-week pullback. So, it will be interesting to see what follow-through will bring since the present Bull Flag sets up just below the top rail of a channel that ties to the Spring highs.

One year ago in June, gold and GDXJ set climatic bottoms. As anticipated, 180 degrees later, they set a higher low. So, this June was on the radar for a turn. While it looks like a low came in a few days before the beginning of the month satisfying the cycle, today, July 1, aligns with 45.75 on the Square of 9 Wheel. This was the March high. It will be interesting to observe the behavior if GDXJ kisses the March high this week.

Below, see a daily GDXJ chart.


Click to enlarge


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.

More From Jeffrey Cooper
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