GDX continues to deteriorate relative to gold. This is the opposite of what should happen in a gold uptrend. In other words, the gold miners have bearishly diverged gold. If GDX continues to weaken, it doesn't bode well for gold...and of course most gold miner stocks. Will want to see that ratio turn up if bullish.
Gold companies have rallied well vs gold itself since january. Let's see if this reverts.
I think I properly volatility (not a expert on this) 2.666 the notional value in gold vs 1 notional value in gdx.
not doing this with really money just a theoretical exercise.
Miners working on a bullish engulfing week so far and a right shoulder against the metal.
If symmetry is any guide, hints that we will have maybe another month spend in this bottoming IH&S formation.