action is often the begin, nascent, young, but the beginning of more to come let's look at the gdx the vanek gold miner the first is one-year chart, no judgments or annotations by me. the second chart we have the decline in perspective gold miners lost 33% of their value from their peak last august to the lows of just a month ago. to put that in perspective gold bullion lost 20. miners down 33 gold down 20 final chart. same chart we are just now poking above that very well-defined channel that miners have been in since the peak we think this is the beginning of more to come. gdx is the thing to be long. >> all right so mike, then, what's the trade? >> yeah, so, i just make two quick points before we get to the options trade. just taking a look at gold first. just think about it, this is one of the few risk assets that really hasn't taken charge with everything else in the market, all-time highs, risk assets all-time high, but gold far from it that presents an opportunity this is not just a unique attitude by me if you look at the commitment of trader reports you will see the net longs and co