An eerie feeling of deja vu has hit The Turd this afternoon.
Longtime Turdites will recall that the ugliness of the recent correction began afterhours on 1/3/11. Silver had just established a new high and gold was looking fine, too. However, Blythe saw an opportunity to paint a head-and-shoulders top on the gold chart so she set the selling in motion by ruthlessly hammering the metals on the afterhours Globex. I went back through the archives and found this chart:
As a cautionary measure, I sold a few of my March silver calls a few minutes ago. I still think we've got the EE on the run and the fundos haven't changed...but...I'd feel like a real dork if, after noticing this, I failed to act and I let Blythe wipe me out with a beatdown toward 29 or 29.50.
So far, all is well as we hang in there at 30.10 and 1362 but be wary of an early am, pre-Comex smackdown and the selling it could generate.