A recap of today’s action shows the late afternoon post FOMC plunge that had more than a few traders staring into the potential abyss about another 600 points down. But, with a whopper surprise the markets shot up at an 80 degree slope to close + 429 on the DOW. Checking the Lazy Man Portfolio sorted by 5 Day Price Trend the standout leaders are TLT and GLD, followed by GDX, which was upgraded today by several services and which is due for a push back above 60.
The Bullish Percent for the Gold Miners is on a slight pullback right now, although you wouldn’t know it from today’s 4% jump. The RSI2, which has historically been a reliable barometer of GDX momentum is now actually oversold, supporting the argument for further price appreciation.