Gold and Gold stocks have rallied as expected and the consolidation in the
miners in recent days looks bullish. GDX and GDXJ have digested the recent
recovery quite well as Gold is testing resistance around $1200/oz. While the
price action portends to more gains so does the breadth in the miners as well
as short-term structure in the US$ index and bond yields.
In the first chart we plot GDX along with its advance decline (AD) line at
the top. The AD line is the holy grail of breadth in
