Haymaker Daily

From Euphoria to Despair In Under Six Months

Hello, Subscribers:

Notwithstanding a thunderous rally yesterday, the leading gold miner ETF, GDX, remains solidly in bear market territory, off 24% from its late February all-time high. It had plunged as much as 36% at the recent low.

This carnage produced the usual negativity that almost always follows in the wake of sharp selloffs. Suffice to say it’s hard for the Gold Miners Bullish Percent Index to get much lower than the zero reading it just hit.