Here is a more bullish view of the GDXJ which shows a false breakdown in the spring of this year, followed by a triangle consolidation, followed by our current around the apex move higher. Classy.

With regard to the rather strong pullback in copper today, it could just be backtesting its recent break out. Copper needed a break to catch its breath. In case you haven’t noticed, it had been on an absolute tear, up 26%, since the beginning of summer, and became very over bought.