MORNING NOTE GDXJ

 

This looks like a classic bull flag. I’m tempted to play an upside breakout. With a flag pattern, the shorter the consolidation (in days), the more powerful the underlying move. Miners have been consolidating for 5-days (including today). The initial rally was just 4-days. Not exactly a picture of strength. I’ll see how the day ends, but something seems off, and I question the upside potential going forward.