GLD Update

We've had an interestng 60 min 3C chart for GLD, which is one of the reasons I've held on to the June GLD calls, but near term signals have been sloppy and all over the place, I was hoping this 60 min chart would trigger soon.

I believe the European close and fear over Greece is likely the driving motivation here.

 The move about 30 mins ago came on heavy volume on this 1 min GLD chart... The fact that this is the same time Europe closes is what makes me believe this is some kind of flight to safety/Greek trade.

 There have been positive divergences in GLD in the area, just not screaming,

 Here's a larger view of the GLD 15 min chart, but it's this 60 min that has been interesting...

Look at the leading divergence there, I only include as much history as I do so you have something to compare it to on a relative basis.

With a bit of luck, the move starting now is directly related to this divergence.

The one thing I don't like is the increased market perception and fear, that tilts the ship too far one way and it's very lucrative for Wall Street to rock the boat in the other direction quickly, stopping out or triggering trades, it''s short term maneuvering that has little to do with the bigger picture, but it makes them money. This Gold move, so sharp on the EU close with Greece's deadline quickly approaching and nothing getting done, smells of fear.