The Street is pricing three big Chinese IPO's this week, and the US Treasury has just announced its intentional to try and unload the rest of its position in Citigroup. So we might see equities hold together a little longer at what appears to me at least to be a lofty level.
I was taking some of my short term gold and silver trading positions off the table today, but added a few equity shorts so net-net came into the close weighted to a light expectation of a trend change in the next five days, in the form of at least a pause or a correction.
My overall portfolio weighting remains heavily invested in bullion as it has been since 2001, with a hedged position now long the US dollar. I do not like US equities here at all, but am trying to keep an open mind since we are so close to all our targets in equities and bullion.
