DEC 28 GDX Positive Divergence

While our GDX position is under pressure, I note with interest that LEV is increasing while SmEV is decreasing. If you are presently holding GDX, there is accumulation occurring which is counter to GDX price and the Precious Metals MF, which en sum is experiencing distribution.

Not a recommendation to do anything, but when our positions come under pressure, I like to see the overall picture.

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It will be illustrative to see how this divergence resolves itself.

Hope that everybody is enjoying the holidays.

Regards,

pgd