Mine Field

My brain's been battered
Splattered all over
Manhattan
--The Rolling Stones

The 'easy' trade at many desks has been shorting gold and the miners. The lower they've gone, the more readily traders have jumped on top of them to press them lower.

Given the macro environment that we're living in, that seems pretty dangerous. Like hunting for nickels in a mine field.

We're witnessing explosions now. Metal and miner prices are jumping as shorts blow up. Many miners are up 50%+ in a week. Most have cleared their technically significant 200 day moving average benchmarks.

Of course, we won't know if THE bottom has been put in until well after the fact. But this action reflects what often happens as shattered shorts become initial casualties of war.

position in PAAS