Putting the brakes on...

After several extremely strong days for gold and silver, today the metals got pounded. Silver was down almost $2! As the rise has been meteoric here in the metals, there is not a lot of support on the downside, save the psychologically important $600 level. I expect a recovery tomorrow with some weakness next week as the metals are still technically overbought. I'm thinking GLD is on its way back to an RSI of 50.

Another favorite of mine, PEIX, is looking like it could be breaking down. The MACD looks like it is going to cross any day now to the negative. I'd love to get this back around $22...keep your eye on this, the trading has been very volatile and the pull-back could be quick.


Corporate earnings have been very strong and today GOOG blew away the analysts with 60% growth...justifying the enormous P/E...not at all. I'll see you when GOOG is back at $150 after the markets come back over the next 2 years. I can't fathom an advertising company with a P/E of nearly 90. Anyways, you won't see me buying that stock any time in the near future.