I'm short, too.  Entered a bit too soon.  Still learning the art.

Look forward to any comments you have on this one.  I'll be looking for an ABC correction.

GDX is still inside that tight triangle you showed last week, Matt.

Looks like it has to pop very soon now.  GDX is up against stiff resistance.  I wonder if we will see a false break above the triangle, and then a plunge.

I will watch the renko system for a short signal before I pull the trigger.

rbreese, I am thinking along the same lines.  

If we get a pullback and a final thrust up, I am thinking that will be a significant top.

Yep, although he does say things look overbought.

That the way a system works, and his system is consistent and conservative.  

Maybe this turns out to be a quick trade.  Are you going to take it?

I have been short FDO for a couple weeks, added WMT (Walmart) short today.  Both are swing trades I expect to last for weeks.

I am not feeling very bullish.

Am I correct:  a rally that takes us above point 27 would negate the domed house pattern?

This is certainly an interesting chart that you have been showing for several months.

It broke out today.  I own this one, and plan to unload it this week.  Lots of short interest in this one, so today may just be the beginning.  I've seen a few other posts regarding this one recently.  Comments?

parrich, that chart does show some nice divergence

Matt, perhaps you can comment on this in the newsletter?

thanks

Matt, I appreciate you sharing your favored scenarios in the newsletter.  I am learning to be a swing trader.  

I think you made a good case that the market is going to chop around (charts 9 and 10).  Since I am not so nimble, I am going to sit and wait for a good setup before I take a new position.

We had a good shorting opportunity last month, and although I missed the top, I made some money shorting indexes and financials.

I covered most of my shorts on June 5.  Today I was stopped out of SRS at 29 for a very small profit.

Thanks for the chart.  I'm interested because I've been receiving all those emails about SYNC.

I thought about it, but with the market correcting, I did not want to go long.

If it is a blowoff, top, it might have legs.

Will you short it when it looks like wave 5 has topped, or are you just going to stay away from this one?

I agree, gyzhao

GDX can very possibly go lower, and that is my favored scenario.

I am waiting a little longer before I load up on gold stocks.   I own Vanguard Precious Metals in my wife's IRA.  I went to cash last year when GDX peaked, expecting a correction.  That was a good move.   I bought a half position last January, after it had fallen.  Now it has made a new low.  So my timing is not always great, and that is why  I scale in.  

This last decline has been so forceful that I think there is a little more downside after the bounce.  

I'm watching this important support line with great interest.

Dollar has broken up out of its daily triangle forming since January.

I see support in this zone down until the 40 area, and I think Matt has indicated this support zone several times.  If that area goes...61.8% next?

Do you see a broadening wedge pattern ( since Dec. 2010) here?  Depending on how you measure it, it could nicely correspond to the 35 area, or a bit lower.

I feel it could happen.  Just a feeling.  But I am watching the dollar to see which way it breaks it's triangle. (chart 25 of newsletter).

saturn6, nice comparison

Miners have been under-performing the metals through 2011 and the trend continues this year.  I am looking at a few miners to pick up.  TRX, AEM, BVN look relatively strong.  Do you have some favorites?

I am wondering, however, if maybe this trend will continue longer.   Makes me very cautious.

sorry about that.

FWIW

http://www.gold-eagle.com/editorials_12/bloom042112.html

GLD 1100?

Here is an essay from Brian Bloom about the "continuing vulnerability in gold."  He talks about how gold could correct to 1100.  

As for me, I am watching the Renko chart for a buy signal.

If GDX can drift a little closer to 40, that would suit me just fine.

Matt,

Thanks for the many gold stock charts in the weekend newsletter.  

Please take a look at NGD, SLW, and TRX.  These and BVN are the only  PM stocks that have a bullish P&F chart (according to stockcharts last friday).  Do you think this means much?

I am also fine with GDX selling off a little more.  Your chart of USD:SPX shows the ratio broken to the upside, so my mental scenario is that USD is trending up for a week (or two?), SPX and GDX is trending down.

I am preparing to buy some gold miners, but am going to wait a little longer and see if the USD does indeed rally, etc.  If GDX gets down to the 41 area (the bottom of the support range you indicated) it will be a screaming buy!

rp & anyone else long FSLR

would you be too worried if FSLR went below the 21.50 area (recent lows + 61.8% retrace of the last bounce) ?

That area is holding for now.

thanks

FWIW:  Here is an editorial by Scott Silva (Gold Speculator).  He like GDX long term, but warns that some of his daily and weekly indicators are still bearish.  Just one man's opinion, of course.  

http://www.gold-eagle.com/editorials_12/silva041012.html

I plan to scale into GDX etc soon, but I am waiting a little longer.  If the renko system gives a buy, I'll consider that a trigger.  

Matt, comments like these are useful.  Sometimes I am thinking about a position, and a timely comment pops up.  Keep them coming.

Thanks for the chart, saturn6

I am looking at a weekly GDX chart, and a broadening wedge formation.  It broke through the bottom trend line at 48, and this seems very significant on a weekly chart.

I think it portends more weakness in the future, but of course it can bounce first.

(I'm not having any luck trying to post a chart from the eTrade platform.  I should read the BPT tutorial some time.)