Technicians are acutely aware of the gotcha rule.  Market gives a buy signal, promptly turns around and goes the other direction, which is what the  market is doing as we speak.  Broke above the horizontal line at m/l 11500 and then yesterday broke down.  We shorted it on the close and are short today — a trader’s play.  Not totally smart.  Also shorted the gold and silver.  Closed those trades and now long the gold. A false signal followed by a second signal in the other direction is generally thought to be a very strong signal.

The contrarians who drove the market up are now selling it sharply.  Not having any convictions we ride the horse in the direction it’s going.