Anyway check out the intraday volume spike in GLD today in the chart below. GLD Options were also active. The JAN 90 strike traded close to 6,000 contracts, the JAN 100 strike traded close to 14,000 and the JAN 110 strike traded 5,000 contracts on cheap premium. Calls outnumbered puts. Looking at the technicals on the 9 month chart it broke the 200 day moving avg which probably brought a herd of buyers but it's knocking right up against the downtrend line which could act as resistance. Also GLD moved higher on low volume and all of the option activity occurred in JAN so it's a short term time horizon.
$GLD 9 Month Chart (Yahoo Finance)
$GLD Option Activity, Call Volume Active (Yahoo Finance)
Below I provided the USO (Oil ETF) and SLV (Silver ETF) charts. Both were being bid up today. All of this activity could bring a short squeeze in commodity prices or a bear market rally on the charts. But this slowdown is serious and there definitely needs to be more conviction. If the USD can't sustain a downtrend and rates remain at 0%, a commodity rally will probably be unsustainable. But I'm watching for a reflaciones trade folks! There are a bunch of moving parts in a global reflation trade so I'll blog about it in pieces and maybe I'll come up with something interesting.
$SLV (Silver ETF) - (Yahoo Finance)