GLD

Bearish engulfing candle lives up to its reputation and engulfs our most positive hopes and aspirations - short term. I am looking for buy opps, but that's just me; a cockeyed optimist.

Daily GLD chart shows a couple pullback possibilities. One would like to think the confluence of support just under 90 would hold (neck line, 62% retrace, 50 day SMA, lateral support). But in emotional markets what one would like has a funny way of being the last thing the market cares about. The 1980 highs mentioned in this morning's post are coming into view on the daily as well.