Has Gold Lost Its Glimmer?

[FSTP](   [Spot Gamma, AD,](   MARK-et Open  Hey OP Crew,  Griff here with the Chart of the Day.  Another tight range in the indexes as the market waits for a catalyst to drive the next move.  Powell speaks tomorrow at 2:00pm at a policy panel discussion, which may move the needle.  In the meantime, Gold continues to be beaten down by the banks triggering fund liquidation: [VanEck Gold Miners ETF] I am watching the VanEck Gold Miners ETF (Ticker: GDX) for a test of the $27 - 27.25 where I want to put on a longer-term bull strat. I believe the dollar has rolled over and will continue down so gold, energy and industrials are the macro play once we see a reversal. Let's Go!  [Pit Profits] Want to find YOUR winning fit? Give our Customer Care Team a call at 1-888-872-3301 Monday-Friday from 9 a.m.-5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:/support@optionpit.com).  Power Income:Oil Spillage Gets Serious … Time to Buy?  Nobody should be surprised by the extended drop in oil …  Commodities are driven heavily by seasonal flows and Oil traded via the United States Oil Fund (Ticker: USO) is down around 13% from the highs of the year …  That matches the seasonal drop, on average, going back 20-years.  [USO]( I think we are almost in the clear  When will we see the next uptrend? [Find out here.]( -Bill  Profits in Pumps: S&P Higher & Crude Lower  Looks to me like the market is pausing for its next leg higher: Here is the chart of the Emini S&P 500 Dec Futures Contract: [Emini] I think ES is on its way to $4500.  Did you see oil? Here is the chart of the Crude Dec Futures Contract: [Emini] There is a head and shoulders and today’s action has decisively broken the neckline meaning it is heading lower.  [Go here for an idea on how to play it.](  Thanks for Reading … See You Next Tuesday, - Licia  AG’s Views:The Pit Report’s Best Trade So Far From the Desk of Option Pit Director of Education Andrew Giovinazzi. Okay yes, it’s early. But I got down into potash producer Mosaic Corp (Ticker: MOS) strangles on Monday, figuring getting two earnings cycles for the price of one was not a bad deal. Earnings were just kind of meh. Implied vol is down a point in March, so I have some time on it.  For the heck of it, since MOS earnings look okay, I’ll start a put against my strangle. I sold a MOS Nov17 32 puts at .45 this am on the open after earnings. If they go out worthless that will reduce the cost of my strangle from $2.50 to $2.05. [MOS] I had another trick up my sleeve too. But you have to catch my OP Newsletter for that. - AG  OPTION PIT GLOSSARY [Glossary] There are plenty of terms in the trading world that need explaining. The [Option Pit Glossary]( is here to help. Today’s phrase is: Strangle: A long call and long put in the same series, but at different strikes. The long strangle profits if the underlying makes a big enough move above the call strike or below the put strike.  [Questions] You can [Update your preferences]( This email was sent by [support@optionpit.com](mailto:/support@optionpit.com). 1-888-872-3301 [Option Pit]( | 190 S LaSalle Suite 3000 Chicago, IL 60603 | [Privacy Policy]( [Stop receiving OptiPub emails](