S&P 500 has decisively penetrated the 800-825 levels. Since I track the S&P 500 on a weekly basis (Friday's close), Friday's closing price becomes a pivotal day. Not that it matters to us, because we have been out of the market for over a year (January 8, 2008).
So far today, SRS is up $8.14(11.84%), QID is up $3.51 (6.70%), TLT is up $2.52 (2.46%), and gold is up $28 (3.12%). I guess I have been way too bearish on the yellow metal. But then again, I know it is extremely overbought at these levels. In other words, I am still looking for a pull back. Maybe I will be singing this same old song all the way to $1,500. I hope not.
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