GDX

GDX was a trade from 1/21/2011, it's up for us nearly 12%. I want to show you two different representations of price with GDX.

 looking at the candlestick chart, you'll note the smaller body today, in candlestick charting small bodies like this are often a lack of momentum which leads to a reversal, but we haven't accounted for the gap down today-that must be considered as part of the momentum.

Now the Heiken-Ashi chart, note that today doesn't look so small, because it's accounting for the momentum including the gap down today. The bullish candles are where the green arrows are, the bearish are where the red candles are-today is a bearish candle. A couple of other things to note, volume for one, but watch how price walks the upper Bollinger band on the rally and now it's walking the lower Bollinger Band on the fall, this is extreme momentum-especially when it happens in an index. Unless today sees a huge rise in volume with some improvement in the price, I'm not so quick to call this a reversal or correction in the making.