Who's in and Who's Out?

Amid some more Nasdaq selling today and the rotations we noted this morning, it is also worth keeping tabs on the precious miners vis-à-vis the current U.S. Dollar relief rally. 

Indeed, if the gold miners can continue to rally off their ETF's 50-day moving average (see GDX, first daily chart, below, dark blue line) even as the greenback bounces further (UUP, Dollar ETF, second daily chart), it ought to bode rather well for gold bugs as we wind down the third quarter of trading to look forward to a promising home stretch of 2017. 

Typically, the Dollar and precious metals/miners are seen as an inverse correlation. But correlations are bound to break at times, and the aloofness of miners to a Dollar oversold rally (or possible major bottom) would be a rather bullish development. 

First things first, though, and GDX must continue to hold above its 50-day to maintain a constructive outlook. 

More on the market in my usual Midday Video for Members.