Yesterday, on our website www.thewallstreetshuffle.com , I told you about a graph I posted for the SPDR Metals & Mining EFT (XME). However, I actually posted a more specific, narrow Gold Miners ETF (GDX) inadvertantly as I was looking at both. GDX is now coming down just as XME already did.

So I took GDX off our website and posted XME, the Metals and Miners. It is hitting off of a bottom trend line and off of a support line at the same time. If it breaks through support, then all bets are off. But if it bounces off support, then it could be a good entry point.

The only wildcard it that Australia just imposed a 40% excise tax on the miners. Other countries could follow suit. It that happens, I believe the miners and in for a tough road and their profits will be cut.

For one of the best technical analyst in the world without a doubt, listen today on 1190 at 5:00 p.m. CST or stream live at www.thewallstreetshuffle.com for Paul Desmond of Lowrys Research. HIs company invented the 90% Upside Volume or 90% Downside Volume, Buying Strength and Selling Pressure, as well many other proprietary indicators.

I believe his firm is the oldest Technical Analysis Firm in our country. In any event, it will be a pleasure having him on and picking his brain.

Keep studying,
Dan Stewart CFA®