Well I thought that support was going to hold, but it appears, that support is broken... all bets are off, and it appears that we are in for one nasty correction. Wall St. has a way to manipulate people's emotions big time, and I admit that I have fallen victim sometimes as well.
We have to trade what we see, and not how we feel. Today thursday Feb 4, is a massive down day. I would not be surprised to see a bit of a bounceback tommorow Friday Feb 5, and that would probably be an opportunity to reduce long exposure.
I expect gold to dip into the $1000 range, and perhaps we'll see high or mid $900 for gold as that appears to be another level of massive support. As for the SPY, the correction will likely make it go to 99.
It appears the US dollar is sexy again. Don't know why, but investors just like this piece of fiat currency.
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