Hats off to Dandy Don Norcini who peered into the COT structure and saw the setup for a near term 'flush' in the price of precious metals as the specs were leaning rather hard on the long side.
The pits looked like a gang fight today with the boys in black trying to mug the white knights of the metals who hung on despite fearsome odds. See the video replay below.
No way of telling if this correction is over yet. But the 'short stocks' hedge is clearly working at least for now.
For long term players this is a wiggle and not worth a second look.
