GDX Gold Miners ETF (33.87)

9069Raise the bid to 32.03, but stick to a rigid stop-loss at 31.94, since, if yesterday’s chop turns out to have been distribution, it augurs more than a further decline of just 30 or so cents. Alternatively, if a bullish turn is coming, it will be telegraphed by a thrust touching 33.85 this morning. A shallow pullback from just above that number would be buyable using a minor-trend abc pattern. _______ UPDATE: Our 32.03 bid and very tight stop-loss caught the low (32.00) precisely and painlessly. Assuming 400 shares bought, I’ll recommend taking profits on half the position now, hitting the 33.86 bid. That will leave us with 200 shares whose adjusted cost basis is 31.12.