This morning on GDX we had a nice up move to the 21 daily Sma as yesterday’s bull flag towards yesterday’s close indicated would happen. The 21 sma acted as resistance and sellers came in on the first test.

For today’s close, although ABX closing under the prints, we had a couple of more decent sized prints in GDX at 21.13 -759,000 shares, NEM at 32.97 – 800,000 shares, and GLD at 111.37 – 155,000 shares. We closed above all three. Plus, despite a red close, GDX manage to close above the 4/8 EMA’s by $.01. SLV also closed above the 4/8 EMA’s on the day chart, as well as ABX.

I am going flat for tomorrow. SLV needs to close above 16.23 for me to start getting a lot more bullish on the precious metals and mining stocks. UUP looking bullish also. The indices look too toppy for me to be buying anything here overnight.

Gold had a clear opportunity to close in positive territory but instead meandered aimlessly into the close closing negative. It could gap down tomorrow. Slv could have completed a multi-week bear flag. Any gap up tomorrow might be sold. We had a mixed close on the miners today indicating some indecision.