GDX UPDATE 12:48 PM

 

Metals and miners are on the move, and it looks like the 40-day cycle bottomed in line with our expectations. We should be starting a new 40-day cycle higher. The next low isn’t due until late June, so we have some room to run. I’d like to see a 5%+ bullish recognition day in miners sometime this week. That should get the attention of the momentum crowd. Gold (currently $1793) will ideally break above $1800 either today or tomorrow (that may be what triggers a recognition day).