Pascal - welcome back. In your absence I realized how I have come to look forward to the "Daily Comment," and certainly missed it. And thanks to Billy for his daily summary on the forum - that too has become a staple of my mornings.

Using the RT graph to look at the last 20 days, you can see - at the highest level - a general inflow of PM money and a general decline in GDX price. We've all been watching that divergence, and a couple of weeks ago discussed it here. So far that divergence has not "corrected" - at least not yet.

Even with today's bounce, we have a long way to go before you can say that the GDX price is where we would expect it to be compared to 20 days ago given the PM MF over the last 20 days. I have had success trading such divergences in other ETFs (e.g. currencies, bonds) and waiting for the price to catch up with the MF. Usually it takes just a few days for that to happen.

What's your sense of whether such a relatively long-term divergence ever corrects...or should we just chalk it up to a period of time where PM MF and GDX price did not correlate and ignore that time period and return to making decisions based on purely the time-tested rules.

Thanks.