Stock buyers seem too sanguine for the low to be in. The market has been beat down, and certain sectors such as banks, and housing have been rallying. The rally likely has more to go, however, I do not think the ultimate lows for this bear move are in. As always be careful.
Same deal with precious metals. Silver buyers have bought up all the physical they can get their hands on, with many online dealers sold out, or having much higher minimums. When buyers are so eager to buy on the first dip, odds favor a second leg down, a lower low. That said, the three day smash may cause a bounce. Looking at the GDX one year chart, it has seen numerous three day smashes, and most of the time there are lower lows down the road. So it may be time to look to get in, but watch for a better opportunity and don't chase any rallies.
For those that celebrate Good Friday, and even those that don't, a peaceful day to you.
Hedged Long NKE
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