GLD KNEE-JERK REACTION?

WELL IT WAS UP A BIT MORE LAST NIGHT. With the dollar being so low, there may be fears of more Japanese intervention, worse a currency crisis. As is always the case (whether it's the case with GLD remains to be seen) the initial reaction to FED policy is mulled over and typically reversed.

The SPY did test that $113.50 level and bounce from there a bit, but if it hits $113.50 again, it may not bounce a second time. A break below that level would open the door to a long stretch down with very little support.