Precious Metal Miners ready to Rally
Gold miners (both GDXJ and GDX) appear to breaking out of a multi-year falling wedges in very convincing fashion. Should there be a pullback to test the breakout, I imagine I will add to holdings by loading up.
Also (at the bottom), Conoco-Phillips (COP) is hitting multi-decade support as oil is putting in a huge intra-week reversal.
The initial S&P reversal failed (my previous post), but it looks like the S&P is trying to put another intra-week reversal on the chart this week. I still suspect the market gets a multi-week rally, but am even more convinced that a longish term top is in place. I think the downside risk far outweighs the upside potential here over the mid/long term in the broad market.
Good luck trading!