Mostly: Classical

[ItsAllCyclical]

My thoughts on today

Everything PM related bounced w/the general market. Market was up today because it was oversold, short covering and BS rumors regarding Dexia (which is only a small part of the EU problem).

http://www.zerohedge.com/news/non-news-dexia-bad-bank-sends-market-soaring

Prior to 3:15 today gold stocks were outpacing gold and the SPX to the downside. Not exactly encouraging action. As I keep repeating there's been no capitulation. Maybe it feels that way, but at least in how I read the market we're not there yet. I expect more ugliness in Oct. Could see broad market rallying back to 1140-1160 range where it would be a gift shorting op ST again. This is a typical bear market rally (thus far).

Even assuming this turns out to be the bottom today which I don't think so, it'll be retested. 51 (GDX) melted like butter today. Not encouraging. Gold pattern (GLD) looks more like a consolidation prior to more downside.

I've been wrong before this is my current swag.