We bought 400 shares yesterday when GDXJ bottomed within three cents of a 23.93 correction target flagged here a while back. After selling half the position later in the session for 24.07, we hold two round lots with a profit-adjusted cost basis of 23.79. Retain the stop-loss at 23.79, since a breach of Thursday’s low could spell more downside to 22.74, a Hidden Pivot support whose provenance is shown in the chart. It looks like a back-up-the-truck number to me, and that’s why I’ll recommend bidding for 400 shares @ 22.81 bid, no stop; or buying 800 shares via camouflage. I’ll help you with this if I’m at my desk with my screen alert triggers, so stay tuned. _______ UPDATE (2:05 p.m. EDT): A rally has put our 200-share position (or multiple thereof) nicely in-the-black, although it’s now possible we won’t get a chance to buy more shares at fire-sale prices. For what it’s worth, the rally was not quite as powerful as it may have seemed, since it has yet to exceed any prior peaks on the hourly chart. It would take a print at 25.46 to turn the chart bullishly impulsive, and one at 27.34 to negate the 22.74 target.
