U.S. dollar ETF (UUP):
Meanwhile, gold and the gold shares decline during a paper operation that is clearly supported by strategically generated headlines. No cares to notice that the retest of May lows is occurring on a fraction of the volume created during their initial formation. This lack of participation suggests waning downside energy.
Gold Miners Index ETF (GDX):
The whole setup reminds of the dialog between Trapper and Hawkeye during Season III episode Iron Guts Kelly in which Trapper suggests that reality is up for grabs.
Trapper: I got a bad taste in my mouth. I'm gonna go gargle with a martini.
Hawkeye: There you go, hiding behind booze again, afraid to face reality.
Trapper: Reality is up for grabs. One man's reality is another man's fantasy... (he trails off, realizing the two gorgeous nurses behind them)
Hawkeye: Right. You take the reality one, I'll take the one with the big fantasy.
Reality is up for grabs. Today’s casino-style markets profit from confusion, misdirection, and degree of difficulty in reading the message of the markets.