For all you gold stock sports fans…

GDXJ is bouncing, but has a lot of work to do. I have marked that neckline as resistance, but actually it is support to a very not bullish looking pattern.

GDX is similar. Gold stocks (as a sector) are bearish until initial resistance is cleared and then bigger picture bearish until the declining 200 day moving averages are cleared (and held).

I continue to look for some combination of sector funda, macro funda and technicals as a buy signal. Alternatively, if the gold stock sector tanks badly and the macro funda come in line (ala Q4 2008), that’s a buy opportunity as well. Patience my friends.