Shorting Miners Here
I covered my GDX short yesterday to good effect. I just glanced at the chart a few moments ago, and I decided to jump in again.
Looking at the gold/silver sector, it just seems to me that the tiny little dip we saw is hardly enough “payback” versus the triple-digit percentage rise this sector experienced in a matter of weeks.
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I almost shorted one of my favorite stocks (First Majestic Silver, AG) today because it has gone parabolic to the moon. I know silver is looking good right now, but the overshoot plus unfilled gaps leads me to believe that some of the miners are going to get dragged back down soon.