Downside Testing…….Gold Update
The S&P’s have gone through the 899 level. We mentioned this level earlier today as a lot of technical traders are also keying off it and to a certain esxtent it becomes a magnet. Does it mean anything, maybe or maybe not, in our opinion the best way to handle these kind of indiators is by sitting on a substantial amount of cash as you go into them. We will let you know if a reaction is appropriate, either putting cash to work or adding to it.
2:34 PM CDT
2:51 PM CDT Update
The selloff in gold today is leading us to lock up our long dollar positions (dollar for dollar) with long gold right here.