12pm update - explosive gold and miners

US equities are so far entirely unable to find a floor, lead lower by the R2K, -2.1% @ 943. Most notable of all today, the precious metals, seeing explosive upside, Gold +$56, with Silver +4.0%. The related mining stocks are seeing similar price action, with the miner ETF of GDX +7.6%


sp'60min

GLD, monthly2

GDX, monthly

Summary

*I'd not normally highlight the giant monthly cycles during the day, but we have CLEAR multi-year bullish breaks in Gold, and the related miners.

There is a great to consider with those two.. as if the floor is in, the next pull back will be one to buy. 

re: the count on GLD. Its an old count, it was based on the notion of Gold flooring late 2015 - related to Armstrong's ECM.  As things were of course, we broke another new low in Gold and the miners in December.
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As for equities...

Its not looking great... as other indexes are well below the Jan'20th low. Typically, the sp'500 would follow.. sooner or later.

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VIX update from Mr P. 



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time for lunch