GDX made a pretty impressive move intraday today, but it has to accumulation for the move which makes it look a whole lot like a head fake or blow-off type move.
If I did not have a position in GDX from yesterday, I would enter GDX (PUTS) today, so I have no problem holding the September puts (or if I was long DUST).
GDX 1 min intraday had no positive even on this short timeframe to run up, that makes it look like a move that won't stick.
If we look at the 1 min chart in scale, notice 3C didn't make a higher high today with price so there's no confirmation either.
The 2 min chart intraday which is also like the 1 min in not making a 3C higher high with price today.
The 5 min in Context and an intraday negative as well today on the run up.
And the longer charts show the cycle and this is part of why I really like GDX Sept. Puts or DUST long.
If I'd enter the same position today, then I'd certainly hold the position opened yesterday
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