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Keep in mind that today's spike upside reversal in gold comes 3-4 weeks prior to my expectation of a cycle bottom, and that under normal circumstances such a situation would argue for another loop down to revisit the $1530/25 area after this initial recovery rally period.
Originally published on MPTrader.com.
I am in waiting mode and do not have any new thing to say or discuss today. SPX closed below 1330 and as I have said before, I would wait for it to close two consecutive days below 1330 to decide whether to take short position again. However I think we are due for bounce.