While I can’t disagree the broader markets look horrible, I still don’t think this is the setup for the big plunge and perhaps that’s what’s allowing the miners and gold to continue to look solid to me. While I’m nearly all in cash, I cant ignore the bullish structure in the GDX and GDXJ and hence remain long (I’m not long broader markets). I’m not approaching it as anything more than a trade but will stay in it as long as the structure and indicators remain bullish.

GDXJ

Contrast this with the DUST hourly. Classic bearish structure rollover IMO. We will see….structure can always change quickly.

DUST