Can’t think of a more forlorn or hated sector than gold miners (as represented by the GDX etf) which has gotten crushed over the past few months. A bit of stirring seen today, and possible signs of life especially in Goldcorp (GG) where over 25,000 Oct 19th expiration 11 calls have traded around the $.20 level with the stock around $10.25. That would make this contract one of the most actively traded single name stock options of the day. It was just yesterday that GG hit a 52 week low of $9.89 and was as high as $11.50 as recently as Aug 28th. I am seeing a similar move in the GDX etf that is trading up over 3% today to $18.10. Word of caution: Implied Volatility on the GG contract is over 36% which is definitely at the very high end of its 6 month range between the low 20% zone and today’s high. We have seen many false rays of hope in this sector, but the size of this trade is significant. Gold itself is trying hard to hang around the $1,200 per ounce level, with the October future up $5 today to $1202.