Oil/gold/SPX still seem to be tied somewhat together. The past two days seems more like short covering, op-ex and speculative buying. So far it looks just like an oversold bounce, but it could obviously develop into more. Right now I don't think we'll get much past the a retest of the rising wedge breakdown on the daily SPX. With BAC and C down today i think it's more of a time to further raise cash and sell into strength. Not shorting here unless it's purely a day trade in a leveraged ETF. I'm tempted to buy some USO today, but if the markets head lower next week I think it'll stay under pressure. I'd continue to stay away from small/mid caps until bank stocks bottom and turn higher. But I'm also more cautious here protecting gains from last year. Not my best year in % terms, but my best in absolute terms. Do you have any physical gold here? If so what % of your liquid net worth? I only have about 2% in gold coins currently, but I may increase it to 4-5% if gold goes back to 750-775 again.
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