I know told a few of you via PM's to hold off on SLV and esp. GLD few days ago...charts showed ST blow off top...hope you took my advice...metals need to take a break for abit...its healthier this way.
Jackson Hole strategy....mkts will whipsaw until they decipher Ben's message...if he announces QE3 we are taking off...if there isnt even an hint of QE3 actual or implied, we will selloff...might not be a bad idea to hedge abit with either SPY puts or calls to take the edge off if mkts move against you.
I dumped all my AGQ 2 days ago due to blow off top in GLD/SLV...I will buy this position back eventually...been accumulating TNA and TYH.
While there are no guarantees, the timing band is ripe for a IT bottom to form...doesnt mean we will make new all time highs later this yr cause I now dont think we will, but we are oversold and negative sentiment needs to be worked off for now.
Resistance is now at SPX 1185ish level...Jackson Hole will determine whether we clear this level.
Also remember this bit of advice, if you dont know the mkts really well and you have an uncontrollable urge to buy gold or silver cause its exploding everyday and you are actually close to pulling the trigger, we are very close to a top...mkts will always seduce the inexperienced as they make their living off of them.
Now on a long term basis, there will be clear indications of a final top in gold and silver and I havent seen it yet...but these signs have always worked for me in the past...and no I will not tell you what it is unless you send me hot FAP pics haha...