Just a quick message about our position in the mining stocks GDX reached our protective stop-loss level, and profits were automatically taken off the table (this level was placed below our entry levels). However, given how weak the stock market was in the following part of the session, and how miners and silver gave away a large part of their daily gains, we think that re-opening the speculative short position in the mining stocks is justified from the risk to reward point of view. The new stop-loss level for the GDX ETF is $30.52.

As always, we’ll keep you - our subscribers - informed.

Thank you.

Sincerely,

Przemyslaw Radomski, CFA