I think we are at or near a temporary bottom in the mid & big cap gold stocks. GDX has corrected 15% since early Dec. It's now near support and in a bullish falling wedge formation. While it hasn't broken out of the wedge yet, and most TA guys would not touch it until it does, I think the probability is high that it will.

When it breaks out of the wedge, it will either crawl back up to around 62, or worse case, go sideways. Either way, selling a slightly out of the money put would be a good risk/reward situation. I think I should have done that Friday - I'll do it first thing tomorrow if we don't have a big gap up in gold.