Someone inquired in the chat room whether Friday’s low at 13.75 was close enough to our longstanding bear market target at 13.15 to consider it fulfilled. Unfortunately, the answer is “no”. The good news is that 13.15 could produce a bottom that survives for a while. In any case, we’ll want to bottom-fish down there aggressively, presumably via camouflage so that we don’t miss an important turn from somewhere above 13.15. You should note as well that if I were to use the higher point ‘A’ available to me on this chart, it would imply a bottom at 12.49. We should be ready to exploit both of these numbers. _______ UPDATE (April 15, 9:25 a.m. EDT): With the markets set to open following the Sunday Night Bullion Massacre, it would appear that GDXJ is already trading below the 13.15 target. Accordingly, I’ll recommend bottom-fishing only via camouflage, presumably near the 12.49 worst-case target. ________ UPDATE (10:36 a.m, EDT): In the chat room, I’ve just recommended buying 400 shares for around 12.57, stop 12.45. If the HP support at this level gets obliterated, a 9.57 target would be in play. I am unfortunately unable to transmit this advice via E-Mail Notifications, possibly because I am in Crested Butte and my bandwidth is being limited by a niggardly ISP. _______ UPDATE (10:48): Lower stop to 12.41. Just realized there’s a minor D at 12.43. [Stopped out for a trading loss of about $60.]
