Gold Update

 few of you have written about the move in GLD this morning, so far from what I see, my impression is something pushed gold up in an unnatural way, perhaps a short squeeze, but it doesn't look or feel natural and I don't have very strong intraday signals. In fact I think it's more likely GLD comes down a bit intraday. I do think the $114.50-$117.50 area is an important basing area, it doesn't need to be much bigger, but that is my initial feel and I think gold will likely take off to the upside just about the same time the market turns to the downside.

Flight to safety trade? Who knows, but GLD's (red) inverse performance vs the SPX/SPY is quite clear, so it was one of the assets I talked about Sunday night in that it is another Bellwether for the market.