|The Bears are currently winning the battle for control.|
Due to growing weakness in market internals, I did reduce our exposure to risk today. At this point, I am more interested in protecting our profits than fighting what appears to be an upcoming uphill battle.
Gold, silver and commodity prices declined in a big way on very heavy volume today. It was clear that the institutional players were in a big rush to exit these markets. The selloff seemed to be sparked by comments made by Ben Bernanke during his congressional testimony today. He seemed to imply that further Fed easing or quantitative easing was off the table for the foreseeable future. I did sell our precious metal and commodity holdings today.