We keep seeing headlines about Japan buying stocks and the ECB buying corporate bonds and all of that. So I took a long hard look at Gold Miners. After doing some work, I took a long this morning in the highly speculative gold miners ETF JNUG.
We can see the recent consolidation has started working off a major oversold condition. This thing appears to be a choppy mess, but surprisingly the 10D MA is curling higher. I also find the RS downtrend break interesting. Today's gap up is what i'm trading against. There is clearly some resistance at 22 and above that there is room until we hit the falling 50D in the 23's. It may be best to wait until 22 gives way.
The weekly view shows the GDX testing 2013 lows. Who knows how this plays out, but there are oversold conditions being worked off with the MA's still needing to catch up.
Trade 'em well! Thanks for reading