Comments: Looking less like a bullish wedge now and more like a simple downtrend channel. Very little follow through since the up-spike earlier this month. My guess is that it will tag the upper channel line before going lower again. Today's record trade deficit of $69.6 billion, which should be strongly gold positive, is probably being seen as a rear-view mirror event, as it was driven largely by oil the price of which has recently been decreasing precipitously.
Sentiment: cautious
PM Portfolio Exposure: 8% (sold out yesterday at around 291); 5% short S&P500, + Puts on QQQQ
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