I've been bearish all day but all of sudden something feels different. I don't think Bernanke will announce QE3 tomorrow morning, but I don't think the markets will react as harshly as everyone expects. I covered all my shorts into the close for a nice little profit and will wait to see what happens at 10AM. I'm still short the Gold Trust ETF (GLD) and will add to that position if gold bounces back more tomorrow. I expect the sell-off tomorrow to be swift the second Bernanke starts speaking, then we'll realize it's not so bad and rally back. I think I'll buy tomorrows dip.
This is not a recommendation buy or sell any securities. DAK was short GLD at time of publication but positions can change at anytime.
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