Quote Originally Posted by Pascal View Post
It is pretty difficult to keep a clear head when there is a conflict between traders who expect a bounce - and trade a bounce during the day - and overnight news from abroad. The easiest is to wait for a buy signal. If it is a weak buy signal, I'll again buy leaps using "stop loss" money. If it is a strong buy, I'll buy GDX without leverage. However, I still expect a bounce for US markets. It is not like Lehman: I believe that funds have been prepared/protected against a potential market/Euro collapse and they know that the FED is back-stopping everything. I will change my mind when I see -400 points on the Dow in one day.

Pascal
The FED is clearly not listening to traders' wishful thinking and only they know when it's time to change the tune from "No QE" to "Now QE". The part that I'm pondering is whether there is any real smart money left out there that is able to figure out where to put stake in the ground for accumulation/distribution. We could be following ghosts otherwise.

Trader D