4:44 am Hong Kong. Hi Everyone, I am in Hong Kong now. It looks like gold, silver, and treasuries continue to correct to the upside. It looks like gold still has room to the upside. I have no positions on. The dollar broke down from key support and the Euro has rallied. I wanted to post a chart of the USD/JPY as a correlated piece of information for everything else.

It appears to me that USD/JPY could correct as far down as 111.58. It has reached the first level of key support. The next level down is 112.54, then 111.71, then 111.58.

9:09 am PST. If gold goes down, treasuries are going down too. Morning gap remains open. Bearish.

9:06 am PST. Ok, I re-shorted. lol. Gold is probably going to flash crash as soon as I step onto the plane.

8:24 am PST. stopped out of my GLD puts. SLV could rally as high as $16.20. Glad I am out. I have to see my daughter off to school – first time I will be away for this long, finish packing, and have to jog before getting onto a plane at 12:30 pm today for 15 hours. Going to take a break from trading this week and next. Gold has permission to tank now. lol. I want to enjoy my trip and not be glued to my phone or computer while visiting Hong Kong and Taipei for the first time. I want to look at the real estate. Take care and I hope you all make a ton of money in the interim!

7:24 am PST. TLT has gapped down this morning and trying to back fill, but it might keep the gap open until the close. I might short TLT if it does.

7:02 am PST. The miners have almost closed this morning’s gap up. That “should” be bearish for gold and silver. The miners lead the metals. I still have my GLD puts on, which are underwater now and am very close to stopping out. Great trading to Stefanie Kammerman @ theStockWhisperer.com, who held an overnight swing on USLV.

6:53 am PST. Exited SPY calls scalp +20%, day trade.

5:32 am PST. Gold is up $6.20 and silver up .33 this morning. Today makes day four of the correction. I see silver has resistance at $16.85 and then $17.21, gold at $1235, $1243, then $1248. I have stopped out partially my short trade this morning. The Dow futures are up 48 points as of this writing.

The Dollar dropped down overnight to test the bottom of the wedge for what I count as the fifth time. If the dollar fails to hold the bottom trendline on the wedge…that is extremely bearish.

1:01 am PST. Gold closed in what I thought looked like a bearish posture. There might have been a pre-close block trade on GLD at 116.83 for 528,720 that possibly caused the 5-min bar to sell-off. I am not 100% sure because the print came in after the bell, but the price is above where GLD closed.

SPX closed down 3.65 points, but looks like it could have some upside on Monday. Have a great weekend and Happy Mother’s Day!

11:07 am PST. I think someone sold 10,656,000 shares of AUY at 2.74. It looks like a sell to me. If we close below 2.74, look out below!