GG at least taking a look above selloff resistance, getting some cold water in the face.   Scans of the past 10 days since we have muddled around show PPP doing pretty well down there on volume.  We added that to the portfolio as a better r/r than some of the previous leaders.  Also added 1/4 lot GDX bull put spread 21/20 to offset our 1/2 lot 21/22 short calls in case we continue higher. Not too excited to chase these gaps long, looking at Terranga, Kirkland on any dip as strong stocks to hold.

Bounces in GDX during the selloff have been 7.5 to 8.5%.  We're at about 6.25% on this bounce, 8.5% projects to the gap at 22 flat.  Trading range for /gc goes up to 1235, but we'd need to recapture the 4 month fan area to reassert a rally, otherwise likely to fan back into the range.

In an earlier note, I showed that a 60% stock / 100% long OTM put at the rally highs could have us well on the way to a net bearish portfolio).  With the sector fluctuating at a neutral 50% fib retracement range, we are faced with whether to press bearish positions, harvest credit in long protective puts, or rebuild long stock.  A few stocks continue to make new highs, but more have been shorted back down or gapped down on earnings.  The metal is also out of its bullish configuration.  The slight sector rally has reasserted a bullish fan to bullish wedge configuration which could drift lower into next week, with perhaps a sharper move 10 days before options expiration.

Our current focus is to evaluate that stocks that (the rally, look at outperformers for the past few weeks (TGZ.to etc.), and use more neutral strategies such as legging into shorter-term butterflies (bull spreads on the dip, bear call spreads on a lift).