We reported on silver ETF SLV being actionable on August 12. Now it's GLD's turn, as it is having a pocket pivot in today's trade. The pivot it a touch extended, however, so position size accordingly. The rise in precious metals over the last 2 weeks implies quantitative easing will continue, as it devalues currencies thus bullish for hard assets. The rise in precious metals could also be a fear play in that the market is long in the tooth and selling off, leading some to speculate on whether the market is putting in a top.
Know that both GLD and SLV are bottom fishing plays, but since they are commodities, they stand a better chance of working than bottom fishing for stocks unless the market has gone through a serious correction such as in late 2008 to early 2009.
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