We are near short term overbought based on the RSI(2) readings. Lets see if the S&P500 gets to 800 and turns down. We can have a trade there.
It would seem my decision to cut loss for 10% looks really bad. Since then the GDX have turned back. MACD looks to be crossing over. However, there is much overhang and the negative divergence have not been eliminated.
The down side is any break up and down for GDX is likely to be big and before you knew it, you would have missed the move.
Right now, i couldn’t tell if the gold stocks looks over extended or what. Intuition tells me it can continue to go higher, based on fundamentals and the MACD readings.
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