We’ve been looking to buy GDX on weakness, but it needs to fall a bit farther before it starts looking attractive again. Accordingly, I’ll recommend bidding 24.21 for 400 shares, stop 24.11. If you’d rather buy call options, use at-the-moneys expiring July 15. There are some alternative targets for this correction, with a worst-case low at 23.69 that would be a good place to back up the truck, but we’ll wait to see how our initial foray plays out before we attempt something else. That last number is a ‘D’ Hidden Pivot support, but it also lies within pennies of a ‘mechanical buy’ trigger of a larger pattern. _____ UPDATE (June 22, 8:33 p.m. EDT): Back off for a day or two while the inevitable Brexit psychosis works its magic on global markets. _______ UPDATE (June 28, 2:06 p.m.): On the hourly chart (see inset, a fresh picture), the rally looks like it still has some mileage left, to at least 28.79, in this cycle. The current stall at p2=27.08 appears to be a well-justified consolidation of Friday’s gap-up rally. GDX would be a strong mechanical buy, stop 24.23, if it pulls back to p=25.37; otherwise, the trade should be initiated using ‘camouflage’ near p2 .
