That is crazy. Gold is over due for a correction. I have been waiting for 2 months for a real correction in gdx so I can add to my positions, but it refuses cooperate.
Speaking of bullish percent. The market is back to where it was before brexit, at that time $bpspx was at 66%. With s&p at same level the $bpspx is now only at 52%. Seems like a pretty divergence and just one more reason not to trust this rally. But at this point I have no idea what to expect going forward.
Money has just been rotating around to drive everything up since this rally started. Yesterday XLP and XLU were the big outperforming sectors of the day and drove the rally. Seems defensive and should be a red flag except that small caps were up BIG yesterday also, very unusual to see that and makes no sense.
So now today XLY is the big outperformer of the day and XLY and XLU is struggling. "They" are just rotating money around to places as needed to keep the indices up