Gold and GDX (gold miners)

There's a decidedly QE-off  tone initially any way, as is the actual case, but this is how the market has reacted for years when unhappy with a F_E_D policy statement that was interpreted as the F_E_D moving away from stimulative monetary policy. That reaction has typically been, a stronger $USD, weaker Treasuries and weaker gold. We don't have all of the price moves, but where we don't, we have divergences in line with the relation above.

This may allow us to get in to the GDX trade as mentioned earlier today in this post...GDX / NUGT / DUST Update

 $USDX 1 min hasn't moved up yet, but there's a clear positive divegrence although still on a very short term 1 min chart.

This however is the 5 min chart and while this could be construed as bullish as the $USD/JPY could rise off a stronger $USD and therefore a stronger USD/JPY, the legacy arbitrage has been a stronger $USD means weaker gold prices, remember I'm looking at this in the context of the GDX/NUGT post from earlier today.

30 year Treasury Futures have an intraday negative divegrence with just a little movement down off the highs.

This is GDX, the chart I mentioned earlier today as a potential NUGT long set up looked like this (this is from the actual post, GDX / NUGT / DUST Update)

This is a 60 min GDX chart from today's earlier GDX/NUGT post and what I suspected would happen around the rectangle and how that could be used for a NUGT or GDX long position as the trade comes to us on very favorable terms.

This is what GLD looks like just a few minutes ago on an intraday 1 min chart.

Here's some migration to GLD's 2 min chart, we'll see if the migration continues and the divergence strengthens which would help our trade set up or if this is just knee-jerk reactionary stuff.

This is GLD's 3 min with a relative negative on the post F_O_M_C move, I'm not quite ready to call this migration of the divergence, but so far it's moving in that direction and GLD/GDX have a very tight correlation.

This is NUGT, it looked a bit weaker than GDX and that lack of confirmation this week is what has kept me waiting patiently.