Today could be the start of a turning point. I am seeing some big money flow today in the GDX gold mining shares. Significant block trades and late dark pool prints have been popping up all day today, totalling over $126 Million so far. They are mostly looking like SELL orders so far. I have not seen so many block trades in a single day for a long time now. Big money is clearly positioning itself. I believe we are about to get a large move in the GDX and gold soon to end this choppy range trading since May.
My bias is to the downside but there is always the possibility that we break out to the upside. I noted yesterday that I was also seeing bearish options bets in Newmont and Goldcorp, 2 large senior gold miners. We should either see GDX at 24 or 21 shortly in my opinion.
The GDXJ is approaching the apex point of the larger triangle. It should be explosive once the breakout or breakdown begins. Again, I believe we are near to some sort of big move.
GL Traders
