If you like Gold I would not buy the miners. Instead I would buy the pure gold stock plays and just put them away in a basket or something. Looking at the ratio line charts at the bottom you can see the GDX is now starting to speed up it's performance decent against the dollar that is rising faster and performing better. GLD on the other hand is just hanging in there, but you can see that they both have possible topping head and shoulder patterns claiming that they can be on the way to significantly under perform the dollar. Lets see what happens tomorrow for it should be a good range for gold. I also have a chart of the SPY daily below from a birds eye view. I found another channel within the rally we have had and its at another angle from the ones I have posted below. however, it is a reliable channel that can be recognized and drawn in so it will be on other traders radars as a support area of course if they see it. However, if they don't see it the boxes do and will have a field day if you are trying to short at that level that coincides with multiple supports. Until we get there and bounce, I don't feel like going long anything.
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