Joe...
I have been seeing a lot of distribution on the tape for the past two weeks, and as you say it continued yesterday. In my opinion, only concerted buying by the Fed in wave after wave of large bids have held this market up.
As I indicated yesterday, I will probably start taking some short positions this morning in anticipation of at least a correction here, but they will have the usual tight stops in case I am wrong. I plan to add to my gold holdings also on any morning weakness.
mlsoft
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