The pattern posted for the GDX on September 6th remains valid, though anyone continuing to hold should be cognizant of what's been happening with the US dollar and the adverse effects this could have not only on the overall strength of the stock market, but also gold stocks. The GDX has risen substantially from the lows it printed in early August and it may not be a bad idea to lock in some profits.
The GDX continues to out-perform the markets-at-large; nevertheless, the GDX can still look great against the S&P 500 even if both fall further from here. All that's required is that the GDX falls less. That may be a moral victory, but it won't be a financially profitable decision if such an event takes place.
