Quick Market Update

The deterioration in intraday prices is not the only thing deteriorating, the 3C signals are falling at a much faster pace, in fact likely so fast that trying to capture them is futile, but with ES charts negative to 60 mins this fast, someone is clearly worried about something, perhaps there has been a leak of tomorrow morning's Non-Farm Payrolls or perhaps we just hit the targets, but I have a lot of assets to look at.

I was hoping to see some set up in GDX that was moving the 10 min charts toward a more neutral or positive position, the charts below 10 mins are improving, but the 10 min charts aren't there.

There is a strong correlation between gold and GDX and as I said yesterday, with the $USDX positive divegrence and tapering of QE, the legacy arbitrage may finally come back after 5 years of being MIA, we'll have to see if any $USD upside moves Gold down to know for sure.