I don't think they know-GLD

Right in front of the minute, there's definitely some nervousness in Gold and bond traders who are pretty smart cookies aren't happy today after the ECB did what was expected of them, virtually nothing. Spain and Italy are both moved much wider on the day.

As for GLD...

Here's one of Goldman Sachs analysts saying QE3 was priced in and the only way the market moves north is for actual improvement in the macro data. It's almost as if there's a reset, if inded QE3 is priced in as he's argued, then the market is back to simply looking at the macro data.

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Q. Have equity markets already “paid” for QE3?

In short, yes. In the past, equity returns have typically increased following QE announcements, with the S&P 500 rising by an average of around 5% in the 30 days after announcements. But the equity market performance since the QE3 announcement appears to be running short of that. Perhaps markets have learnt from history-a unique feature of the QE3 announcement was that equity markets already climbed sharply into the announcement day itself, despite tepid macro data. But history also suggests that equities could make further progress as long as the macro data surprise to the upside. There have been two prior instances when equity markets gained materially in the 30 days following the easing action after having already risen into the announcement itself (round 1 of QE1 and QE2), with the macro data beating expectations following the easing announcements in both cases. We likely need to see similar improvements in the cyclical data now as well to see another leg higher in markets.