I decided to take what I hope will be a low risk mining position with this purchase of Great Basin Gold (GBG) at $2.12. Honestly, I am not holding my breath on how long this rally in miners will last, but I presume the stock market will bounce soon and that may help, however briefly.
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Click on any chart to ENLARGE
This chart of the SP-500 was made before the end of today's trading session.....and price continued to fall right through the neck line of the head and shoulders pattern. If this pattern continues to play out, price projects to a continued minimum price decline 110 points or the 1150 area.
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This chart of the Amex Gold Bugs Index (HUI) shows the nearly perfect symmetry of a head and shoulders pattern. If price should continue to rally this week and surpass 587, the symmetry would be perfect.
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