GDX Update

GDX (gold miners) / NUGT (3x long gold miners) are looking interesting here, especially given the market's position and their correlation at certain size moves, for example here's the SPY vs. GDX on a 30 min chart...

 At smaller bounces or counter trend moves there tends to be an inverse correlation between miners/gold and the SPX, you can see some here (GDX in red) with that inverse/butterfly look, especially now.

GDX

 The 60 min GDX chart is leading positive with a small head fake below support, this would match the head fake scenario for the market today in the rounding top mentioned earlier.

Usually the head fake move would be more pronounced, but this was enough to lift volume on a daily chart yesterday as well as form a bullish Hammer reversal candle.

This is the daily chart, note yesterday's move below support on higher volume than the preceding day, also forming a bullish Hammer reversal candle.

I'm very close to adding NUGT (long) to the trading portfolio as a new position.

 The 30 min GDX chart looks good as well.

As does the 15 min chart

The 10 min chart and the 5 min chart

 It's more intraday charts I'm looking at now for timing as well as NUGT/DUST for confirmation, this 3 min looks pretty good.

2 min chart.

I'll of course let you know if I decide to open a position, I'd guess that I probably will. I don't think this needs the leverage of options unless a nice option set up materializes with a deeper head fake move, otherwise I think the base is large enough to support a strong move thus GDX straight equity long or NUGT (my preference) would be fine.