11:06 am PST. $62,700,000 of GLD block traded at $114. That’s about 550,000 shares. If we close above, bullish for gold.

9:10 am. Scaled out 3/4 QQQ +.46, sold FAS +.94, scaled 1/2 IWM +1.07. Bought a little AG, JNUG, GDXJ – starting a long-term position. I want to see the close.

7:45 am. I am super, super impressed with how the mining stocks have held up this morning. They made a really nice come back from the morning’s lows. I also like how gold and silver are holding up a lot better than TLT. I would like to see gold and silver pull away from their coupling pattern with bonds because if the precious metals can do that, then maybe, just maybe, we can see a dual rally in metals/mining along with the indices as bonds continue to fall.

It is still too early to tell, though, whether the correction is over in the mining sector. I want to wait until the close to determine whether to buy back for a longer-term position. I also would like to see some buying action in the dark pool.

6:39 am PST. The IWM and the XLF are ripping higher this morning. I did say it was a great time to buy in the pre-market session. Traders are jumping right in despite the long weekend ahead. lol. IWM is going to $140 or higher. First stop 138.50.

6:25 am. It looks like the miners are going to back test the breakout trendline to coordinate with a new dollar high. The new Dollar high will be on negative divergence and it will be a huge sell signal and bullish for gold.

6:16 am. UGAZ is about to rip higher again today. 34.07 here we come. 31.52 support level. Yesterday we had a 1.5 million print at 31.45 and we are above now.

4:29 am. Good morning. IWM’s corrective wave looks done. It needed one more corrective wave degree and I think we completed it yesterday.

Likewise for the financials. Both the XLF and IWM show classic sideways consolidation patterns. Really perfect. This is a great place to buy here. One small wave ii today and then I think next week is going to be to new highs. It is the long weekend with MLK day on Monday and the MMs might wait for Tuesday to buy in.

/gc finds resistance at 1197.80. If we can close above that, that would be a good sign. I remain cautious at this juncture on gold as it has been negatively diverging and the dollar looks ready to rally off what might be a corrective wave 4. Similarly TLT looks ready to sell off as well with the capital moving out of bonds and back into stocks, especially with the corrective wave on IWM and the financials completed. On the flip side, this wave v could morph into a wave 3 on the mining stocks. I am very curious to see how it will play out today.

EWU closed .01 above the 5,000,000 print. Bullish, especially if we close above the prints tomorrow too.

4:12. we might still have the steeper retrace with the dollar-two possibilities right now.

3:15 pm PST. NEM makes me think we are entering wave 3. Backtested the trendline, the retrace was deep enough to be a wave 4. Often times, in my experience, when I think we are going to have a wave v, it morphs into a wave 3, especially in markets that are about to embark on a strong uptrend. This might be the case here, as NEM suggests. NEM looks like a good long-term buy as do a handful of other mining stocks.

Franco Nevada, FNV, makes me think this is just a temporary pullback into the close today for the mining stocks and we are going higher still tomorrow.

12:42 pm. Covered remainder +.22.

12:30 pm PST. Covered another 1/3 GDX +.31.

12:10 pm PST. Scaling out of GDX short 1/3 +.23.

11:43 am PST. Gold made a new high today, as well as GDXJ. I would like to see GDX pullback to at least the 50 sma at 21.50, possibly as far down as the 21 sma. If GDX pulls back to either of those targets, then I plan to buy a long-term position in GDXJ and JNUG and possibly another mining stock – there are so many good ones to choose from. Right now I see GDX pulling back to test 22.60, 22.44, 22.26, 21.50, then 20.80.

There is a slight possibility that the dollar will make one last gasp low tomorrow morning, which would be a buy. Ideally I would like to see the UUP make one more last high to coordinate with a pullback in GDX.