The bargain hunting continues after last weeks sell off. We now have no current positions. Our trailing stop in the Aussie Dollar was elected on the close yesterday. Silver resistance is 39.75-40.00 dollars ( a 30% bounce off the recent low). 1520 in the Gold is app 1/2 back of the current swoon. Since last Wednesday there has been heavy selling of the Euro and buying of the metals on a spread basis. Keep your eye on this spread as we believe this will be a key market driver given the the squawking over the debt crisis in Europe.

800 points in the Euro is an average BIG move when it gets up and goes as it did last week. Oil has basically regained almost 50% of last weeks loses from the 94.63 low. ( too bad we were sleeping when our #’s got hit last week for our dream level buy, you have to close your eyes sometime)

Given everything I’ve just said it’s time to put your piggy bank back on the shelf and wait for the next opportunity. These are not markets you should be chasing. Many of you are more than likely going to try and trade from the wrong side of the market with no technical parameters ( trade location) and give back all your money.

The right side in my view is still a risk on scenario “long the metals,short dollars,long commodities and selected stocks” at low risk technical levels where you can mange your risk. In short if it’s not juicy don’t do it! To be clear I am waiting to get back in but I think the market needs more time and price action ( back and forth) for the next move to unfold.