A quick note on mining shares, as I forgot to expound on them in the weekend post. Based on the chart of GDX, mining shares appear to be undergoing an a-b-c correction which measures nicely to a trend line I once mentioned the shares should visit:
Bouncing off the trend line would roughly give the "a" and "c" legs equality, so the outlook fits nicely. We should then see miners turn higher for another healthy 5-wave advance. Should the trend line fail to provide support, something more dire may unfold, but we'll deal with such issues if they occur.
For the record, I released my silver futures back into the wild earlier today. I did not like the action and also thought that the retreat in GDX could foreshadow an opportunity to repurchase them at a discount.