Active Rest

I close my eyes
Oh god I think I'm falling
Out of the sky, I close my eyes
Heaven help me
--Madonna

One of my more active mkt days in a while. Began position in gold miners (GDX). Am sensing that miners may (finally) be in for a period of outperformance vs the metal. I like the group's oversold position here vs the tape in general and w.r.t. bullion. Should we indeed get another inflationary lift here, then prospects for this group seem favorable.

Also took a trading position in oil services (BHI). Services have lagged crude and the producers during the recent run up.

Sold down some commodity ETF positions after another gappy move in crude (9 month high) and gold. DBC and SLV are off the sheets.

Also added a slab to my index equity short position. I know...seems ill-advised in this trending tape but once again sensing that a trend reversal may be close. Today, for example, the tape seemed to sag once the Greek bailout news soaked in a bit.

Am once again net short by a few percent.

positions in GDX, BHI, SH