GDX UPDATE

GDX looks to be bouncing off the 8/11-8/12 gap support, it may make a decent DUST long trade, however unless there's a very strong set-up, the larger trade is confirmation and a long term GDX/NUGT long position.

Take a look at the intraday charts and see if DUST long is a trade you might be interested in. For me, I've been waiting since mid-July for GDX to pullback and confirm a nearly year long base. What I'm really excited about is a primary long (bull market) in GDX or NUGT (3x long gold miners).

I think the DUST long pullback trade is ok, it's not really for me. GDX long is a position I have been tracking for 6 months or so and after our last NUGT +40 & +50% trades, I've spent the rest of the time waiting for a pullback below the $26.25 area, that's the trade that is worth the risk for me, that's the trade that is a long term primary long with the possibility of a strong stage 2 mark-up trend that can run in to a primary uptrend.

I'll have some charts out in a few minutes, but after well over a month of waiting for a pullback, it looks pretty probable that we get it and are able to set up a core position that is in line with the long term probabilities and an early stage 2 uptrend.