Imagine buying the HUI in late January 2016, perhaps not at the exact low but after a clear swing low and definitely months before it peaked that year.

Despite everything that has transpired since then–the Powell pivot, the Fed’s exploding balance sheet, the tanking USD, exploding deficits, the exploding repo market, etc. etc.–you would *still* be underperforming the Dow as of today.

The recent breakdown since January is just another kick in the balls.  You simply will not be allowed to win trying to do the right thing.

Perhaps we are near a bounce, perhaps not.  But it matters not, the damage has already been done.