6:07 am PST. TLT has rallied up to 121.09 this morning, to about my target mentioned as yesterday’s close. Gold rallied up 1231. GLD closed right on my line yesterday and it looked somewhat bearish, but silver and treasuries were the clue, plus the mining stocks. Today is day three of the correction, so there is a risk that gold could stop today and then drop. Plus The dollar is correcting down, the Eur/USD up as I saw completed five waves on the Eur/USD & Treasuries, and the JPY is correcting all in tandem.

Dow futures down this morning as well. Glad I exited my VXX puts yesterday. It might, however, be another buying opportunity if this is the end of the three-day correction for gold.