Bulls did what we asked of them last week, exceeding July’s 39.70 peak on a squeeze-powered rally that ended the week. They had given up a lot of ground by day’s end, but that won’t diminish the authority of the impulse leg the rally created on the daily chart, and neither will the fact that the prior peak was exceeded by just 12 cents. It’s all good, as they say, and we can therefore expect this vehicle to continue up to a minimum 41.81. In the meantime, any one-level pullback from 40.09 or higher would set up an opportune ‘mechanical’ buy, even at the red line (where a 37.22 stop-loss would obtain).
GDXJ – Junior Gold Miner ETF (Last:38.83)