A bounce based on a less pessimistic view of global growth, from an oversold considition. We will have to wait and see what the rest of the week brings, and how we go into the Comex option expiration at the end of the month.
China raised its bank reserve requirements again, in the hope of slowing down the 15% YoY growth in money supply they are seeing, and a troublesome inflation situation they are still managing to keep under control by stifling domestic consumer demand through low median wages, also in support of their export policy and top down social structure.
I added short stock index positions into the close and took short term profits on the miners. I am now long gold and short stocks again, in anticipation of a backtest of this bounce. I will go with whatever way it breaks up or down.
