I bought at 991 on Tuesday, when my order, placed Monday was filled, 990 is an extremely important low now. The price action feels like a top to me with all the slashing and thrashing,this move should be the final stop taking probe to shake out the short sellers, so I am raising my sell stop order to 1003, locking in a 12 point gain, however if we can launch clear of this area then 1080 is possible. I want to be on the elevator if we go. I will continue to watch the U.S. dollar see inverse correlation, also the bullish consensus came out for the dollar and it is 3% bulls 97% bears, so everyone is short, a short squeeze of epic proportions in the $ is possible. Remember the consensus on stocks took a big lurch toward too bullish last week, this has ramifications for gold as well, I will revisit my double top theory in gold, in a few days, so far it is still holding water. The C.O.T. charts on gold are very negative now, I will include one in next gold email.Click image to enlarge
