Overbought conditions are diminishing and the country is in a recession. The propaganda machine is running out of excuses for this #$%$ economy and you know what they say, you can't shine #$%$. If you're short you will get buried.
If GDX is an ETF stock, how does overbought or oversold have anything to do with price?
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund invests at least 80% of its total assets in common stocks and ADRs of companies involved in the gold mining industry. Such companies may include medium-capitalization companies and foreign issuers. The fund normally invests at least 80% of its total assets in securities that comprise the Gold Miners Index. The Gold Miners Index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.
I am in this because of my anticipation of gold price improvement.