UPDATE

June 30,2014   These are just a couple of charts to update how I am watching things unfold in the MINERS. We had our first run up, which I believe is just the first leg up. A consolidation has begun, as did in the DEC run up.  Is it finished?    Maybe, Maybe not, but if I’m going to establish a position in your favorite Miners (As a core) or trade , I don’t want to wait until I have to chase…. you want to try to find low risk entries using charts.  Risk / reward is better at Support areas, certain Moving averages,  and even a break out of a consolidation one can enter a low risk entry….and then keep our eyes on it to exit if it turns against us.

 

 

With that in mind…I was watching GDX, GDXJ  for clues , and JNUG for an entry . GDX does have lightish volume today, but is that uncommon before it approaches a break out area? Notice the 1 hr chart. (Click charts to enlarge)

 

 

 

GDXJ was acting interestingly too…

 

 

So  JNUG went like this…

 

 

NUGT could make prior highs  I.M.O. when the consolidation ends

 

 

 

Breaks above Trend lines MAY BE TESTED (Like GDXJ/ JNUG , etc)…They can be additional buying opportunities  (And they can also fail , so be aware of that).  Personally I think we are consolidating for the next leg up and so I use sell offs to add to positions  IF conditions are favorable.  These are low risk entries and there is a good amount of upside coming when they break out .

 

Many Miners look to also have nice reversals today  (NG, MUX, SSRI, etc ) from bull flags and consolidations. If you havent started a CORE position, one could nibble, the charts look to be holding up nicely on each morning sell off  I.M.O.

 

Best to you-

 

ALEX