On the attached chart I am long GDX from 89 on Wednesday. The stock closed Thursday around 83, so a pretty severe one day haircut. However that knife can cut both ways, and I remain bullish on Gold and the gold miners. So look for a possible very quick recovery.

For subscribers I am long June option short of the money April option. This spread mitigated my cost of the June contract by 25%. All to say that Thursday swoon, hurt a lot less. 

In terms of the stock market, I have been short or flat and repeatedly warned that context matters most, and don’t bottom pick. I am somewhat surprised the market has not hit a point of recognition, about the true seriousness of the geo political. But it has not. It actually looks like it wants to rally here. I am not going long, but I definitely am not pushing the envelope on the short side either.

Thanks ,

Joe

PS-Recently I opened up a new program that I have been working on for the past few years. At a key point, I tweaked the formula and this thing has been absolutely on fire. If you want to see the trades it is kicking out, click here.