Well I'll be damned.

I was right for probably the first time in the history of this blog so that must make me an expert! Just kidding, I have been right before but I just like to poke fun at myself. I dumped the NUGT ETF on Wednesday because I came to realize that it was up against some pretty stiff resistance and the over sold condition had been relieved. I now am short the gold miners via DUST because it is kind of a no brainer based on what I look at on the daily and weekly charts and to add further credence the intraday charts look set up for lower prices on GDX as well. I may be wrong on my prediction in the short term as usual but I don't think there is much risk of an enormous gap up in GDX on Monday; we shall see. I may end up changing my mind on my little new years long bond call. I just don't see a huge run up a la 2010 this year in the market and if the market doesn't have a big rally this year then it stands to reason that the long bond could continue its magnificent 30 year uptrend. Mark my words though; this will end and when it does we are in for a whole heap of trouble. 2008 will seem like a fairytale in comparison. Its interesting to me how the weekly charts are aligned for bullish action right now in the US indices and sectors. It has taken them awhile to reach this point and it seems to me it is now or never for the US stock market. We do have earnings coming up and as usual they should be stellar; let's just see how the market reacts though, you never know. I also can't help but notice the worlds most powerful stock BIDU (AAPL being the second) looks terrible right now. If the Chinese central bank doesn't step in soon this could mark the end of the 15 fold  increase from the '09 lows. That wouldn't be good for this faux-bull market either. As that pinko commie Keith Olbermann says: Good night and good luck.