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Nobody likes to spend time watching congressional testimony, so I jumped on that grenade today for my fellow Slopers.I watched the Bernanke Senate confirmation hearings on C-Span, chopped out the redundant parts, added some savvy commentary, and screened it in front of a live studio audience.
In light of Tim's earlier post on gold, I thought I would upload this chart. It was part of a post I did earlier today on my own blog, but wanted to get it up here because with the ancient relic, there is nothing like a big picture to settle things down. This correction was very necessary and will likely prove to have been very healthy one day soon.
Neither bulls or bears are able to enjoy this market – both are getting whipsawed to pieces. How many people (besides GS) do you think were able to handle this morning profitably? Two? Three? That's probably high by three.
I remain completely short. Early today, I got popped out of DXD, QID, and a handful of small positions at prices I really don't like, but that's what stops are for – – to protect you, irrespective of an unknown future.