Gold/Miners

GLD still has a gap up to $168.42, but the underlying action looks good, I'm now comfortable with the miners, whether that be via GDX (S) or DUST (L)

 GLD intraday is losing strength, I wonder about that gap, but it doesn't bother me if it goes for it.

 GLD 3 min today has shown a real change in the near term trade or what I would call the tactical (used for entries/exits once the strategic outlook is in place).

 GLD 30 min is also leading the last 2 days very deeply, while the price action in GLD has been impressive, I haven't bought that it would hold, it seems to be more part of a knee jerk reaction to CB policy last week. I would think GLD would be very volatile this week with the possible/probable German Constitutional Court ruling on the ESM on Wednesday, the F_O_M_C on Thursday-lots of things that are connected to perceived easing. The bug-a-boo is still in the actual ECB SMP program, either they are as inept as the Troika or they purposefully sabotaged the program because there are so many obvious holes in it, it is simply unworkable even if the German court were to declare the ESM constitutional (assuming such a decision didn't come with significant changes). For instance, Spain, the one country with the most to gain at this point from the ECB program, had made clear months ago they would not accept conditionality and over the weekend already said they'd put off any bailout requests until after October if they were to make one at all as it is political suicide, which seems to be why the ECB crafted the new SMP program with so many deal breakers. We'll definitely get more in to the basics of this as it is a very important concept to understand.

 Gold-mini futures (YG) hourly chart also makes this latest move look like a knee jerk reaction that was taken advantage of.

 GDX (Gold miners) 1 min with a deepening negative divergence today

 And the 15 min chart from relative negative to leading negative with several days under its belt, now I'm more comfortable with not only miners short, but gold in general.

 DUST, the 3x leveraged bear ETF for gold seeing a huge leading positive divergence today, not unlike the mirror opposite in GDX above.

 DUST 15 min leading positive, also not unlike the GDX leading negative above.


NUGT, the 3x leveraged Bull ETF for gold on a 15 min chart leading negative, just like GDX and the polar opposite of DUST.