It's been a – cough cough – interesting morning so far. I saw my portfolio skyrocket higher, buoyed by precious metals and Chinese shorts, only to wither away into a small loss – and, as of moments ago, back into the green. Luckily, I covered a lot of big shorts like FXI, SOHU, BIDU, GDX, GLD, SLV, taking some nice profits.
It's all about GDX at this point. I am watching it like a hawk. Actually, I am watching it much better than a hawk, since I'm pretty sure a bird of prey would have virtually no interest in the gold miners ETF. My line in the sand is 55.66, which is a pretty tight stop. It sounds strange, but this will tell you everything you need to know about the market's direction. Everything.
