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I've been talking about shorting precious metals (at great risk to my life & limb) recently, and with good effect – particularly with our good friend SLV! Now I'm going to go even farther out on a limb and say the GDX is pretty much completely hosed at this point.
We got our hens back in August. I have lovingly been feeding them, changing their cage, toting them around and petting them. I am the Chicken Whisperer. Even though they were supposed to start laying around Christmas, there hasn't been a single egg. Not even a weird little "starter" egg.
And then finally, this morning……….
Looks like an interesting day ahead, eh, bears? Tomorrow morning's jobs report will have everyone's attention, but even the sneak peeks we're getting at the economy this morning have provided enough ammunition to take the /ES down a full percentage point.
Looking at 2010 so far, we spent the first few weeks trapped in a range, which we broke to the downside on January 20th. We've spent the past few weeks in a new and lower range, and I've mentioned the "threat" of pushing above the high end of our current range and getting back to the lower end of the prior range. It still could happen, but recent action makes it a little less likely.
It would take an unexpected catalyst to knock us below the lowest end of our current range, because at that point, people will start to really freak out. Trading inside these ranges is a bit of a drag, but it's important to be "in position" prior to breakouts, since the movements after a range is "escaped" tend to be relatively instantaneous. We may well spend the day grinding around roughly wherever we open.
