GLD/SLV Update

Last night you saw the GLD 3C charts

Here are this morning's relevant charts thus far...

 GLD 5 min negative divergence, GLD slips from the open.

 GLD 2 min leading negative divergence, this timeframe doesn't have lasting implications, but it's very negative disposition this morning fits well with the pullback in GLD since the open, there's an element of "sell the retail gap up".

 Here's GLD 1 min. also in a relative negative divergence, thus GLD has lost about 25% (as high as 33%) intraday and why last night I said I felt Gold would be a volatile and likely fruitful trading vehicle, but you must be able to watch it and move quickly in and out. I don't see this volatility letting up until the debt talks are resolved.


SLV

 SLV hourly chart is also still negative.

 As is the 15 min chart, although not severely so as we see in some of the major market averages.

 The 10 min chart negative on today's move higher. I feel we will see similar volatility in SLV  and GLD this week.

 Like GLD, SLV saw a 5 min negative divergence on the open, preventing it from moving higher and pulling price back.

The 1 min chart shows the same. I think the move in precious metals was overdone on limit orders this morning and we are seeing the Wall Street locals taking some of the excess retail speculation out of the game. I believe these two ETFs will see much more volatile moves and can and should be traded on a short term basis, taking advantage of that volatility.

I'll let you know when I see the next trade coming.