Today has a high probability of being a bottom. GDP numbers come out at 8:30am and should reflect the strongest quarter of growth in the history of our country. Buyers are scarce into the election with small investors panicking out and large banks buying their shares. We expect a large rally November 4th into November 9-11 in all major indexes. Russell and NDX should lead, most likely on stimulus and an election relief rally. Today was all about small investors watching mainstream news, which does nothing but sensationalize the Covid apocalypse. After the election, we will likely hear about how the treatments have begun to work and few people are actually dying.
$35-$36.50 is extreme support for GDX. Do not expect a waterfall decline. All roads lead to metals regardless of the election outcome. The dollar is headed much lower and nothing can stop that.
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