The VanEck Vectors Gold Miners ETF (GDX) is beginning to look like it wants to roll over in the near term, and I'm using $23.35 as my downside pivot. As the ETF remains beneath that level, my focus will likely shift a bit more bearish. In the longer term, however, I'm hopeful the ETF can consolidate back near the year-to-date volume weighted average price (VWAP) and the 100-day simple moving average (SMA), both of which currently sit a bit beneath $20.
Light crude oil futures remain well bid above the 200-day SMA, and shorter-term, eight-day and 21-day exponential moving averages (EMA). For the time being, I see no reason to be particularly bearish on crude oil.
Several readers asked about the uninspiring price action from Facebook (FB). While I certainly wouldn't label the stock as bearish, there's no question that FB has been trading a bit soft. As much as traders love to flock to FB (for both longs and shorts), my overall view is the stock should be, for the time being, avoided either on the long or short side.
Yelp (YELP) is currently working on its fourth weekly bar above the 40-week SMA. The overall look of this stock continues to improve. It is one I want to keep at the top of my watchlist.
Micron Technology (MU) has been trading between $9.35 and $12.30 since mid-January. But it is finally beginning to show some signs of life. Also worth noting is that the stock closed Monday's session above the 100-day SMA. And MU has only closed above that reference point one other time, on October 19 2015 to be precise, since the beginning of last year. Let's see how buyers respond as the stock trades closer to $12.30 range highs, and again on the first dip. Overall though, I'm beginning to warm to MU.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at parkcityyeti@gmail.com or posted to my twitter feed @ByrneRWS.
