---------------------

Yawn, no surprise the market tanked Big time

Most of you have taken action by now and are not sweating it, you have reverse ETF's, cash, gold, TBills and if you have put options on the indexes, a big glass of bubbly to you!

The late afternoon bounce off today's low, hopefully continues thru tomorrow. Affording another opportunity to get into more short positions or sell your dogs and get into safety before the next drop later this month.

I hope you currency traders are taking advantage of the unwinding of the Yen carry trade. I think there is still plenty of room to profit from call positions in the yen. Looking at the charts it jumped up on heavy volume, I might wait until it drops down to fill the gap then jump in on some call positions myself.

I am getting a lot of questions on gold and silver. Here are my thoughts;

I am a bit worried that Silver could drop down as low as $6-8 and Gold down to $600.

Today, it was interesting to note that gold did not race above it's March peak of $1,000+. That is not a very bullish sign, especially given the extreme fear and volatility that exist in the market today vs March. I would have though gold would have soared above March levels if it was truly the safe haven.

You might want to hold off buying gold and or silver until we see a pullback to these price levels, the same folks that rushed in to buy might just rush out to raise cash. I am waiting for these lower levels to buy and hold. I may miss the boat, you never know, but that is what I am doing.

Why did I pick these levels? Well I know that gold and silver prices can be manipulated, so I follow the Fibonacci which tend to usually prevail and prefer to work out the noise.

That being said everyone should own some of the physical metals. Have a core position, but wait to buy more on the big dips.

Gold and silver coins are hard to get these days. Here are a few places that may have them in stock. (We have no affiliation nor can we vouch for any of these sources.)

www.fidelitrade.com

www.raregold.com

www.milesfranklin.com

www.goldsilver.com