The miner ETFs continue to have wide fluctuations vs the Indexes.
This started at the beginning of the year along with the volatility during the Top formations. But it has now gotten more extreme, and consistently so.
Today GDX and GDXJ have been up around 7%, but the indexes, $XAU and $HUI have been down. And of course the 3Xers have become totally dysfunctional.
I’m avoiding the ETFs and just started buying one or two quality miners. I plan to scale back in gradually over the next week or two. April’s earnings announcements should help lift the sector.
Weekly charts are still in no man’s land (i.e., a mess) with the last two weekly candles. A weekly swing low forming soon is still not guaranteed, but tomorrow’s close could potentially make the odds significantly better.
You also have to consider that from a cycles perspective, gold should be making a lower low and has up to 10 weeks to find it.
The miner ETFs continue to have wide fluctuations vs the Indexes.
This started at the beginning of the year along with the volatility during the Top formations. But it has now gotten more extreme, and consistently so.
Today GDX and GDXJ have been up around 7%, but the indexes, $XAU and $HUI have been down. And of course the 3Xers have become totally dysfunctional.
So I guess you could say the Miners’ ETFs are Mis-Leading. 😉
I’m avoiding the ETFs and just started buying one or two quality miners. I plan to scale back in gradually over the next week or two. April’s earnings announcements should help lift the sector.
Weekly charts are still in no man’s land (i.e., a mess) with the last two weekly candles. A weekly swing low forming soon is still not guaranteed, but tomorrow’s close could potentially make the odds significantly better.
You also have to consider that from a cycles perspective, gold should be making a lower low and has up to 10 weeks to find it.