Considering the insanity of the past 8 trading days as well as the quadruple witching going on today, I'm amazed how quiet things are. This feels like the calmest day of the entire week!
I've trimmed back some on OIH. I still feel great about oil-related bearish positions in the coming weeks, but I don't mind taking some cash off the table since we're boinking around a long-term trendline at this point.
My call on XAU was superb. My close was good, but not superb! I was a day early. Ah, well. Lots of worse things could have happened!
As for the index markets, I am feeling more cautious and defensive. It's all well and good to have our "rectangle of resistance", but there is some pretty serious basing going on, tinted below, which could provide enough strength to blow that rectangle out of the sky in the weeks ahead.
