We’re getting some mixed signals on GDX and with the TrendX Z signal reversing to the upside this morning so we closed the open Short position for a modest $98 gain. It’s unusual to see this signal reverse before hitting the lower support line but HEY!, surprises are the name of the game in this business. The fact that the TrendXpc has NOT reversed actually supports the decision to cover the Short and for the time being we’ll just hold off new GDX directional trades until a clearer consensus signal is generated. We’ve seen an interesting yin yang between GLD and GDX lately with a gradual return to volatility parity. Some more thoughts on that tomorrow.