GLD, daily
GDX,daily
Summary
*it is too hard to resist to begin the day with a little bash against the gold bugs, who remain the most twisted group of investors (and I use the term loosely).
Typically, the gold bug has been buying ALL the way down from the $1900s.. and has a portfolio consisting almost entirely of mining stocks. Most of the latter have lost 85/90% since the 2011 high.
No doubt.. some of the bugs will be buying today... all I shall say is... good luck with that.
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As for equities... market remains looking tired... we're due a retrace. A moderate net daily decline would seem reasonable to target.. and that would set up increasing weakness across tomorrow and Wednesday.
VIX'daily3
Prime exit zone remains the 15/16s, but certainly.. the big 20 threshold looks out of range in the near term.
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stay tuned