GDXJ short into ICLI have been bullish on precious metals and have lost a good chunk of money. Despite the extremely bullish COT levels and deep oversold conditions we saw at the last ICL, it just wasn't time for a big rally.
Now, I feel like sentiment is very morose. People have given up on gold.
Now, gold has already burned too much time this IC, and a big rally from here seems unlikely, especially in tax loss season.
Any additional rise in the already weak GDXJ should be short opportunity. We might get it if SPY and stocks takes one more dip low.