A Senior Moment

It is worth noting the outperformance in the senior gold miners, again, today versus the higher beta and small cap juniors--The senior, larger cap precious miners are housed in the GDX ETF, the juniors in the GDXJ. 

One reason why we note this is because of how much of a well-defined setup GDX is sporting, clearly against that $13 level, below, for any prospective bottom-fishing attempts, seen on the daily chart, below. 

Beyond that, the lower beta seniors outperforming may be a function of market players slowly testing out the waters in the mining complex, which is actually quite prevalent at major bottoms. The reason being is that bottom-callers have been decimated in recent years in the precious metals and mining complex. So it makes sense that at a real bottom (which has yet to be confirmed), we would see signs of very tempered risk appetite even as buyers try to stabilize the given market. 

Regardless of your opinion on the matter, GDX against $13 as a concrete stop-loss makes sense in order to manage longs or shorts, at the moment. 

I will discuss a few miners of note for Members in my usual Midday Video, filming now.