by Avi Gilburt
After coming into this past week still expecting the market to test a bit lower towards our 28.50-29 region support level, we clearly tested that region. However, the market did not pass that test.
With the market breaking down below our support region in the GDX this past week, it has clearly caused us to re-assess where we are in the big picture in the market. To that end, I want to quote sections of the update I sent out to members the day we broke down:
First, while my expectation was for the 28.50 region to hold, I do apologize that my expectations were off this time. I wish I could say that I was always right, but, clearly, that is simply not possible.