E, you are in the fighting mood: "right", "wrong" :)
Future will tell who is right about gold. HUI is overbought, sentiment is too bullish by my measures, and 360-370 is a very strong resistance. My bet was on some weakness first (but nowhere close to XAU 110), then breakout and retest of HUI 400. This is still my thinking for the next few months. Not for today or tomorrow. I don't care about daily moves.
I was bullish on the general market on the time scale of a few months. I am about 70% long from SPX 1380 and 85-110% long from SPX 1410. I am betting my money on SPX 1500+, QQQQ close to 50, SMH back to 36-38 range, good rallies in biotech, Singapore, Vietnam (and Asia in general). This is still my thinking, and I am staying long. One day decline has nothing to do with longer-term picture.
I am short in the trading account. I expected short-term weakness lasting a few days, and this is still my thinking.
This is from my post to you last week
<I will short tomorrow (partial hedge) if the market opens as high as futures suggest. Very overbought>
I bought QID on Monday at the open as planned. Also short RIMM into earnings (dumb luck). These are only partial hedges, and I am staying net long.
I'll be wrong if 2-3 months from now the market is lower. Please remind me about my mistake in June, and I'd be glad to admit it :)
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