The drop in gold is causing major gains in the miners straddles. For example, the ROI in AUY is +17%, move required was 14%, move so far is 11%; the ROI in KGC is + 172%, move required was 13.3%, move so far is 19.9%.
It is clear from the above as well why I prefer IWM to SPY (+27% vs +2.3%).
The correction in EWZ was quite predictable. This is not over yet.
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