Tuesday's action offered some surprising strength on both GDX and XLE following my bearish prognosis for both on Monday. Looking at the Gold Rotator components we see a mixed bag of 5 day price trend and an overwhelming negative Moneystream values with the stocks NEM and AU leading the pack. Most all the components are running 50-65% of volume surge although NEM and EGO are showing some high 80s% potential reversal volume patterns.
Virtually all gold components are displaying virtually identical technical patterns and look to be coming off a recent W support formation. Better odds for Longs may kick in once technicals cross above the MACD zero line and a short term uptrend is confirmed.