The TrendX signaled a short cover at Thursday’s close and a BUY at today’s open. Interestingly, Thursday’s closing price on GDX was the same as today’s open, with Friday providing some possible early entry momentum. The larger markets are clearly at major resistance levels and despite media hype the technical picture doesn’t look all that rosy. Euro concerns continue to rattle confidence and now the Korean situation will no doubt provide new volatility fodder. This is not a time for sizable long positions even thought Traders Almanac notes the next 2 weeks are typically bullish. That was the same forecast for pre-Thanksgiving…which turned out to be the worst performance in 70 years…so always remember why every disclaimer you will ever read includes the phrase.”Past performance is no guarantee of future returns”.