GDX - for my pal Bob

;} catch(e) {}" href="http://1.bp.blogspot.com/_Re9-fle5IRM/SMAY6kGYxfI/AAAAAAAACYQ/dQr2UOi9wRU/s1600-h/gdx.png">Bob: [Gary], I'm seeing GDX in the 32's.Thinking of a modest addition. What are you thinking?

Here is what I am thinking dood; I am thinking that if you do not have a lot of exposure and if you are a big picture bull you are buying this level (while saving ammo for later) and not trying to pick the exact bottom. I am thinking that if you have good exposure you are trying to maybe get a little cute and steal some in the 27's.

I am thinking that deflation scares - and with today's economic news and market tankage I think we may finally be about to enter one - are not easy and that the word 'scare' is in there for a reason. Buying this decline is not easy but the gold miners were not going to rise to the heavens in an environment of oil mania and out of control inflation expectations. While painful, this deflation impulse was necessary to the game plan, and that H&S top target (relative HUI target 265), while not a sure thing, has always been on the table. So, if you have good exposure don't rush it. See what develops. If you don't I would personally be buying now (I have been) but save ammo for what could be a buying op to end all buying ops. That is my opinion only and it is made with the understanding that the best advice I ever gave you was to get into Dr. Hussman's funds because what we are talking about here is high risk/high potential reward. ;-) Edit (3:14) Actually, the measured relative HUI target is 265 and the visual target - using lateral support is 250.