Wednesday, February 29, 2012

Evening Thread

Gold and silver (and alot of other things) sold off today in spite of the European LTRO operations, as Bernanke spoke. The decline in gold was over 5% intraday, and 6% in silver. As this daily chart chows - we pretty much spanned the upper and lower Bollinger bands in 1 day. March Madness may know more than the calendars.

Many charts are quite extended. I noticed some nice 1-day pullbacks in the credit card stocks, and personally would like to see them pull back some more to a better buy point.