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Although we are not at the point of making a bearish call on the market, on ETF that is showing considerable relative weakness is the Market Vectors Gold Miners ETF (GDX). Over the past month, as the broad market has rallied, GDX has entered a clear downtrend. If the market provides us with a sell signal sometime soon, GDX could provide an excellent shorting opportunity on a bounce into resistance. Although we are not yet looking to take on short exposure, it’s always good to be prepared for a shift in market conditions.

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