My GLD idea from 3 days ago.

I don't care what Dennis Gartman says, GLD is going down.


always good to see a talented technician argue intelligently against the status quo. Great call, regardless of whether we see 155 or not. Interestingly GLD topped (in Nov) the very day the FED announced the most aggressive inflation campaign in history. Is that deflationary or what? Short term, yes.

In that sense I regard every weekly high as critically important in this equation, levels which would force me to abandon my short term bearishness. For what it's worth the small premium to NAV in many gold/silver ETF's is a developing positive factor. The bearish froth that previously existed is gone. That worries me.

For now, however, the pressure remains on the longs as of 1/7/2013. $1575 - 1600 is the bulls last stand before $1525 or an entirely new wave to $1350. The longer prices remain under $1675 the more a break of $1525 becomes a probability.

I am working long side trades with thankfully tight stops. Sunday night lows could hold. I feel uncomfortable being long, but that's a good thing perhaps. Leverage is light, as it should be before a possible turn.
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