Red Within the Green

Precious metals and miners are mostly pausing today, as the market likely digests and interprets new comments from Chair Yellen about monetary policy. The U.S. Dollar, keying off the UUP ETF, attempted to green earlier but is now back in the red as I write this, following-up on last Friday's monstrous gap down. 

Regarding the miners, as long as the pullback stays benign, observing the weekly GDX chart, below, I am operating under the working thesis that a new leg higher is certainly in play this summer, perhaps a bit easier than I had previously expected. As that thesis is proved correct, I will take on more long exposure. For now, the red in miners today comes well within the confines of Friday's big green. 

Elsewhere, biotechs are a mixed bunch today, with a few getting battered while others like ACAD KITE are surging. 

I will follow-up on the specific new ideas in that arena, as well as other, in my usual Midday Video for Members.