Being old and feeble I tend to be a myopic trader, focusing on just a few issues… and regular readers know GDX one of my core interests. My early November post on GDX noted its penetration of resistance at $63 and since then its been in a relative straight line free fall since then, losing almost 15% in the past 2 weeks. The TrendX momentum forecaster has now turned bullish on GDX following Friday’s descent to the mid $54 level.. a level that has provided trending support since Sept 2010. GDX is down almost a buck today from the opening highs, but things do tend to get a bit overdone when the NYAD opens at 72!!!!!!!!. Time is pick up a few Jan calls maybe in anticipation of another run to the 60s. Risk lovers can just sell the 54 puts and hold on.
