It's easy to be tempted to short a market like this, but it's dangerous. We've been in oversold no man's land for a couple of weeks now - not enough to call an intermediate bottom, but definitely enough to support a 1 or 2 week rally.

I've been selling puts on GDX, GDXJ and some oversold big cap stocks like ECA, SU, TCK, ABX. Nice premiums for relatively low risk situations.

If we do get a couple of weeks of rally, I'll probably go the other way and sell calls.