what you guys think about long GDX, short GLD AND long OIH, short USO right now? http://finance.yahoo.com/q/bc?s=OIH&t=2y&l=on&z=m&q=l&c=uso http://finance.yahoo.com/q/bc?t=2y&s=GLD&l=on&z=m&q=l&c=gdx
You've got a good eye as both these pairs are currently more than 2stdev's from their mean and both have trades triggered as you described. The OIH/USO trade looks good it has correlation at 93.35% and the ratio chart looks significantly oversold and the GDX/GLD trade has good correlation at 86.64% and there is a divergence between the ratio & RSI chart which Ive drawn in for you to see. What timeframe are you thinking for an exit? These could come back to the mean within days or you could scale in if your thinking of holding a little longer.