A few brief notes. The gdx over the past few days has rallied strongly and is approaching its resistance point at 33.87. S o far so good.
The spy continues to hug the lows of its 3 week trading range. That fact alone is bearish showing absence of demand. Rollo Tape in his justly famous book mentions that the response to news frequently predicts which way the market will leave a trading range. The really, really big news was the Feds commitment to quantitative easing and zero percent interest rates. These one would expect would trigger buying. I believe i described how the demand that followed this announcement spent itself quickly. It has never returned. What hopefully would have triggered buying, triggered yawns and vacations. The market can change its mind whenever it wants, but so far the big bazooka has been a big dud. The implications are bearish.
