It's All About Friday Night Now

Friday is going to be incredibly important this week, but not for social reasons. 

Instead, with the upside reversal we are seeing in the gold miners today, virtually across the board, we will need to see if the gold bugs can salvage a last-minute "save" at prior all-time lows we looked at on the GDXJ ETF yesterday. 

Updating that chart, below, $21.40 remains key. The weekly close is a better indicator than individual sessions this week of whether we have a true defensive effort by gold bugs here or rather a complete wipeout on our hands. 

Metals are lagging the miners today, especially with silver's weakness. But that is all the better, as keying off the miners should give us a better indication of how strong bears are in terms of forcing another leg down in a multi-year bear market.

Elsewhere, natural gas found some sellers at the $14.40 level on the UNG ETF again, which is a level we looked at many times in recent weeks. After the inventory report tomorrow morning, I am watching that level yet for another UGAZ entry.