It looks like oil gold and silver are getting ready to pull back. The SLV and GDX are particularly top heavy. They have been running the metals up on a rate cut rumor and now the suckers are in place and in play. Take a look at GDX (Link 1) you can see it making a lower high at the 50.00 level, together with the daily and 15 minute (Link 2) stochastic nearly at 100 things seem to be setting up nicely. Today's low on the GDX is 49.10 so I will wait until that is broken to the downside before going short with a 1/2 position.
Link 1
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gdx&sid=0&o_symb=gdx&freq=1&time=8
Link 2
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=gdx&sid=0&o_symb=gdx&freq=7&time=18
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