On a pop in volume, the SPDR S&P Metals and Mining ETF (XME) formed a bearish reversal candle as it tested its two day high, but weakened dramatically to close near session lows. A drop below yesterday’s low of $38.55 could provide a short entry trigger for this ETF. We are placing XME on the watchlist. Trade details are available to our clients in the watchlist section of the Newsletter. For those of you trading qualified accounts, the Direxion Daily Gold Miners 3x Bear ETF (DUST) would serve as a reasonable, although not precise, proxy to XME. DUST is not an official trade.
