Metal Melt Down

Well today was a very interesting day for the metals. GLD was down 5.2%, SLV down 8.3%. Previous holdings of yours truly were down as follows: GG down 9.7%, CKCM down 5.2%, USGL down 8.1%, and SLW down an astounding 12.7%. Here's what I had to say end of last week. I'd say my timing couldn't have been much better. Anyways, my watch list got pounded pretty hard today and that makes me smile because I know that those stocks will be reaching an accumulation zone in the coming couple of weeks. SU, PTR, PEIX, GG, USGL, SLW, CKCM and ADM all got hit hard. Watch for RSI's below the standard 50 trigger for strong bull markets. The metal stocks specifically were headed down ahead of the gold spot price. So once the GLD gets below 50 it may be time to look back at the metal stocks. Oil has strong support back around $65-$66 and a pull back to that level will likely be a good entry point to the summer oil rush (think Hurricanes, higher demand, and who knows what America will be doing in Iran). Keep this one idea in mind, unless the fundamentals change, the long term trend will continue. For gold and oil that trend is up.