GDX Gold Miners ETF (33.27)

With clear sailing to at least 952.30 forecast for April Gold, this vehicle looks poised for an even more impressive run-up. My minimum upside target for the next 8-11 days is 40.40, which implies in percentage terms a thrust more than three times as powerful as the expected gain in bullion. Buying of calls in anticipation should be done at these levels, since 33.78 is the midpoint pivot associated with the 40.40 target. However, let’s begin the day with a conservative bid for two March 35 calls (GBJCI): Buy two of them if GDX approaches 32.99, the nearest Hidden Pivot target below. Also, more speculatively, bid 33.72 for a round lot of stock, stop 33.64._______ UPDATE: Bottom-fishing for stock proved premature, but we lost only pocket change attempting it at 33.72. I’ll revise my advice to take into account this sign of short-term weakness. ay