GDXJ has done much to earn our distrust since collapsing from a high in April that fell less than $2 shy of a 45.56 target that had looked like a lock-up. It is currently on a ‘mechanical’ buy signal triggered on June 21, when the downtrend plowed through the green line (x=35.59). I broke with my discipline, passing up the trade, but I won’t make that mistake again if the little s.o.b. gives us a low-risk entry opportunity. I still doubt the 45.56 target will be reached any time soon, but that shouldn’t scare us away.