Today's chart is Goldcorp, Inc - GG. GG is a $30.3 billion basic materials company that engages in the acquisition, exploration, development, and operation of precious metals properties in Canada, the United States, Mexico, and Central and South America. GG has been uptrending within a parallel uptrend channel for over a year. Weakness over the past three trading days has seen GG lose 10% of its market capitalization. The pullback presents an opportunity in our view to enter with a better reward to risk ratio. An aggressive strategy would be to use recent gap support just above $41.00 as a very tight closing stop and look for a target near recent highs around $46.00. A more conservative approach would be to enter 1/2 of a position at the current price and use another test of the year-long uptrend as a second entry point. A closing stop could then be placed beneath $38.00. We still like gold and believe both the metal and many of the individual gold stocks will perform well over the short- to intermediate term.

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