- Posted by Frank Zorrilla
- on January 15th, 2013
The GDX (Market Vectors Gold Miners ETF) has been under severe pressure lately, the 20 day moving average has been capping any upside the ETF has been able to put together. However, the price action as been getting a little tighter lately, the 20 day moving average has begun to flatten out and more importantly the GDX is now trading above its 20 day moving average. ETF’S tend to trend and respect certain moving averages, as you can see below the 20 day is the “that” average for the GDX. I would lean long here with a stop on a close below the 20 day average. NUGT is the 3x GDX.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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