Maybe, but the move up was totally uncorrelated to the move in the dollar, which was up Friday on the Job report, and despite the fact that it was marginally down today, still is at a higher level than last Thursday, so net net there hasn't been damage to the UUP, since this past Thursday as the Gold market would have you to believe. The move up in GLD, GDX, and NUGT was fear inspired, however once the market realizes the dollar could rally, any whiff of a USD rally could in fact could result in the undoing of this overdone rally in both GLD and GDX. Additinally, anyone who bought NUGT close 50 today could easily turn into a panic seller and drive drive it down hard to the high 30s, on any whiff of a USD rebound over the next few days. So, to put it your words, never say never.
I totally aggree. Sad that I missed the rally in the yellow metal, but its way overdone and due for selling. Excellent entry at the low of the day on your part. Ill definitely pay heed to your comments in the future.