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Last time the GDXJ closed around $36 was on March 13, 2017. Incredibly, during that time frame, gold is up $86 per ounce!

On January 10, gold was trading at $1,190 an ounce, $110 below its current spot price. Again, the performance of the junior gold miners has remained flat!

This is a stark reversal from 2016’s action that saw gold stocks far outperform the price of gold. So what’s next?

Two scenarios can play out from here. The first would see gold coming back down to match the performance of the GDXJ.

"You get a red line, you get a red line, everyone gets a red line..."

Source: Townhall.com

Having bounced off the 50-day moving-average, this morning's ADP print seems to have ignoted just enough momentum to squeeze shorts once again (just ignore the PMI data).

Spot VIX is getting hammered back towards a 10 handle... because, hey, there's no risk anymore, right?

It appears negotiations between the Trump/Ryan camps and the conservative Freedom Caucus over Obamacare repeal have not only gone nowhere but are back to square one, or perhaps zero, because moments ago Donald Trump, who had taken a modest sabbatical from his favorite social network, lashed out on Twitter against the conservative group that scuttled last Friday's repeal vote, saying "The Freedom Caucus will hurt the entire Republican agenda if they don't get on the team, & fast. We must fight them, & Dems, in 2018!"

VIX was monkey-hammered back to almost an 11 handle at the US cash open this morning, in a desperate bid to get The Dow back green and prove that the Trump rally is still in tact... but it didn't ignite the momentum many had hoped for...