8:53 am. This morning’s pop higher was just a head fake and the Nasdaq is headed lower, possibly much lower. The first level of support for QQQ is going to be the bottom of the channel around $121 by the time it gets there. It will probably break down from this trendline, judging from my own wave count. The next channel support is at about $114. I think the indices are going to be in corrective mode the entire year of 2017. I closed out my FCX this morning for a small gain and added to my GDXJ swing from last Friday. I think gold is going much higher from here and the retracement wave 2 is done. Being long gold is effectively short the Dow.