10:49 am PST. EEM, in relationship to gold, is very interesting. I plotted EEM against $Gold charted in the black line. There seems to be a similar correlation between EEM and gold with EEM performing better. The EEM looks like it peaked before gold in 2011, and bottomed slightly after in 2015-16.

9:59 am PST. Scaled out half XIV for +1.80

9:01 am PST. Re-entered XIV at 67.28, getting a pop now, plan to hold for a little longer.

8:07 Stopped out SPY calls and XIV. GDX print at 24.61 811,395.

7:58 am PST. Scalped FAS +.55, adding to my VXX short – XIV long.

7:33 am PST. The UUP, dollar etf, is moving up really nicely and I suspect will make a new high above 26.83. This will coordinate with what I think will be a higher low for gold and second great buying opportunity in the mining stocks before commencing their wave (iii)/3 up.

7:29 am PST. Bought some SPY calls on this pullback. Real-time SPY prints at 232.33 1.3 million block traded. Here’s my wave count. Target 233.65.

GDXJ might go all the way back down to 38.77.

7:01 am PST. HYG had a print at 87.58 554,700 shares block traded. I went long FAS and XIV. stopped out mining stocks. They are completely reversing as the dollar spiked higher, and gold is closing this morning’s gap, so bearish.

5:05 am PST. Gold might actually do an island gap reversal this morning if it gaps up and holds the gap open. That would be very bullish, imho, and indicative of a wave 2 completion.

4:43 am PST. The gold pattern looks good. This is what I was looking for before the close yesterday and we got it overnight. Yesterday was day three of the gold correction. The Dow still looks like it is in a bullish posture.

4:48 pm PST. Steel stocks have had an incredible run. They bottomed at the same time as the gold and silver mining stocks in January 2015, and have run higher regardless of the dollar. They take a long time to consolidate, but when they start moving up, they move up fast. I think the upside is probably limited for now, but longer term, I am going to keep these on my watch list.

1:14 pm PST. The Dow clocked in another 142.79 points. I am still bullish on the Dow. Lackluster close in gold. Looking for 40.80 GDXJ.

11:01 am PST. Copper has been an amazing trade since last October. Starting to get toppy short-term, but not quite there yet. Longer term bullish.