http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=0&id=p63778548360&a=420770660

Never ones to stick around when unwelcome we fled from our shorts in gold and silver.  Honestly it makes you think you ought not to do anything until this sidewave is done.  Our retreat from the metals is based on our insistence that trades go well from the beginning, or be left to the gents in Macau.  This is all a very refined lesson in how important the state of the market is, and the present state is somewhat like an irritated porcupine.

The state of the market is illustrated below, and that old saw is once more illustrated:  that the present trend tends to continue.

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=9&dy=0&id=p71468642710&a=266398464

We tire of repeating that it ain’t over till it’s over.  But we should add that it will get really tedious before it changes state.