Comments: Looks like the HUI is trying to establish itself above the uptrend but it's a struggle. Gold is likewise flirting with $600. It's unclear whether either can break through. Apparently, today's surge has to do with Saudi Arabia confirming its support for the OPEC oil production cut which would be the first since 2004 and would take effect from November 1. It's unclear however whether this along will be enough to push Gold and the miners through resistance.Related Article: [http://financial-matrix.blogspot.com/2006/10/hui-5-day-chart.html#links]
PM Portfolio Exposure: 95% + 5% short S&P500. I sold my QQQQ Puts this morning after recouping a part of my loss.
Sentiment: Cautious. It's genuinely unclear whether whether we have truly bottomed or whether we still need to retest 260 HUI.
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