Put Trading On Gold Miners Nears Record

The big spill in gold miners the other day brought out the put traders.

Put option volume in GDX has spiked to one of the highest levels in at least six years. The median put/call ratio in the fund over the past 10 days has exceeded 3-to-1 (three put options traded for every one call option). That's one of the highest levels since the bear market started. High levels have had a good record at preceding at least trading rallies.