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Although we currently hold a bullish bias, the Market Vectors Junior Gold Miners ETF (GDXJ) could present a shorting opportunity under the right circumstances. Since bottoming on December 29th, this ETF has rallied back above resistance of its 20-day EMA. Given the current bullish market conditions, we would only consider this short if it rallies, overcuts and stalls near the 50-day MA. This level also corresponds with the long term down trend line (see chart). Please note, that for the moment, we are not inclined to be aggressive on the short side of the market. Market conditions would have to shift significantly for our bias to become bearish.

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