Prechter, chief executive of the market forecasting firm, warned in this month’s ‘Elliott Wave Theorist’ that a rebound in stocks could be “sharp and scary” for anyone who is so-called short. In a short sale, investors borrow stock and agree to sell them at a later date on hopes of capturing profit by replacing the shares after prices fall.
IAC: I stopped out of everything after the first 30-minutes - 100% cash.
The good news is that gold's massive hit here today could very well signal a hot counter trend rally - I love it when gold get's sold down first. Way back a long time ago when PM and the stocks that are levered to them were insurance against the vagaries of the market...when the insurance wasn't needed you'd get these massive sell-offs - gold used to be one of the most sensitive bull/bear indicators you could find.
The fact that we've seen such a disconnect between the markets and gold - tells me that my old friend the gold insurance indicator just jumped back into my T/A tool box.
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