The move down has been swift and violent for the miners gold is still up $50 an oz from the bottom but the miners are testing the lows. GDX is 13.15 right now while the recent lows are 13.01 Usually when we see this type of action the will run it below the recent lows to take all the stops out before things turn around. Usually when GDX would give a shake out bottom at $13 I’d interested again with a tight stop for a fake breakdown but…When we take a deeper look at silver we see it has broken down to a new low. Leaving the whole sector off limits at this time. We need both silver and gold to move up together as miners pull both from the ground and if silver is going to make new lows it will be hard for the miners to make a meaningful rally.