GDX vs SPY Breaking Out

Lots of volatility in markets, with tech stocks and the S&P making new lows day after day. They will bounce at some point, but so far they remain extremely weak. Yesterday was difficult, as everything got hurt across the board, while mining share investors want to see relative strength vs the stock market. Today we have a sharp rebound in GDX, while the stock market, SMH (semiconductors), and MAGS (Mag 7 stocks) are in the red again, causing a breakout in the GDX:SPY ratio. It’s just another confirmation that a bull market in miners is under way. We might even short the SMH or MAGS into a bounce that eventually will occur, once the bounce looks tired, to be short tech against our gold and silver miners long.