As of 10:26 a.m. EST, price action in the miners, GDX is exhibiting the characteristics of a short squeeze.

A gap-up open that’s quickly eroding.

Trading was in a narrow range for thirty minutes between 35.50 – 35.70, before breaking lower.

As long as the high of 35.83, for GDX is not challenged, the squeeze may be over … that fast.

If so, and GDX closes lower than yesterday, it would indicate a high probability for a swift, decisive move to much lower levels..

The firm’s own position in DUST had a stop at 21.19.  In a discretionary move, based on price action itself, the short position (not advice, not a recommendation) is being maintained

Charts by StockCharts

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