As pleased as I am with this morning's quick, modest drop, I have a healthy dose of skepticism and paranoia. I covered my big GLD short early this morning at $97.70 – – I must say, given that GDX and $XAU were down about 4%, GLD's not-even-1% drop was kind of disappointing. All the same, it's a nice profit.
The /ES trendline in the short-term has been broken, which is great – – and it has crawled its way back underneath it. I imagine the brakes will be on trading to some degree until Wednesday's FOMC announcement. I just hope we don't have a repeat of last Monday's bear tease.
