Kermit, say it isn't so. You went long? I wish you luck but volume does not dictate that this selloff is done. I don't get the sense anyone is ready to jump out of a window yet. I may change my tune as the banksters manipulate the price down more. I don't know if you do TA or not, but if you pull up the 18 month chart on GDX and draw a line through the 3 peaks in Sep '11, Nov '11, Feb '12 you will see they intersect almost pefectly with where GDX is now. They intersect at 46 and GDX is now 45.80 and appears to want to fall further. There may be a reversal if 46 happens to hold. I'm keeping my short open for now, on a very short leash, and if we happen to get crazy volume this afternoon I may be forced to close it.
I agree. Covered my $47+ shorts and while I wasn't planning to go long yet, I did at $40.05. Taking a chance because my other shorts paid off nicely the past couple of days, including a $100.25 short on WHR yesterday morning that I covered for $95 at end of day. And, I shorted OSIS at $80 a few days back and covered at $69.75 this morning. Also, covered STI shorted at $30.50 quite a few weeks ago at $25.75 yesterday. I know not everyone is willing to short, but I have found my trading returns have soared since being willing to. Good luck to all.