GLD/SLV

 GLD 1 min -pretty much in line except for the one attempt to break higher met by a negative divergence this a.m.

 GLD 5 min showing a negative divergence near the recovery top and pretty much most of Wednesday 3C headed down while GLD was lateral in price.

 SLV 1 min looks like a reversal off the gap bounce this a.m.

SLV 5 min showing negative divergences into the top

Both Gold and Silver have seen a mass psychology bubble. The mantra for both has been "buy, buy, buy". While fundamentally I do not object to that mantra, I've issued no trades on either except in a few gold mining stocks. There's just something that doesn't make sense, especially with GLD on the longer term charts and bubble mania always makes me nervous. This is neither an endorsement or a call to stay away. I look for edges in the market, if I don't see a clear edge, I don't raise the issue as far as trades go.

I've found some of the most dangerous assets to be in are those that are seeing this assumed, right call by the masses-it happened right before the stock market topped in 2007, it happened with tech, it happened with housing , it happened with oil and at the time, there was no good argument against any of the long calls in those assets, except the bubble effect. If 3C were massively bullish, then I'd issue a call. If it goes very negative and we see price confirmation early on, then I'd issue a call.

As far as your own opinions and how you feel about trading them, as I said, I'm not taking a bearish stance in terms of a short call. I'd just advise not to get so caught up in the hysteria and even if you go long, always assume a defensive, skeptical posture which should be accompanied by good risk management,