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GDX - Bear Flags Everywhere

Written by Dax. Posted in Trade Ideas

The more I glance at this sector the more I believe we are headed for further downside.  Every chart shows some sort of bearish flag.  Yesterday I sold off my trading positions in GDXJ, and GLDX as I want to wait this out a bit.  It didn't help that the SP500 broke down from support yesterday, so for now its best to be cautious.  It is completely possible that the GDXJ is setting up a retest of the December lows.