Or are we still screwing around with Europe fears? Europe is coming unglued, inflationary panic policy or not.
I was somewhat heartened to see bear's bear Tim Knight, caught in the same mental vortex with Triangle Man. I am now short junk bonds, base metals (against gold positions), silver (against gold positions) and crude oil and feeling good about none of it. But nor am I feeling great about the broad market's bull chances (SPX 1360) and with the gold miners in tow, I am not overjoyed there either.
So again, I guess that is the whole point of the grinding consolidation before these numb nuts decide what flavor of debt policy a nation hopped up on debt-as-economic-driver is going to adopt; window dressing, constructive or flat out repudiation?
Edit (7:15) Tim Knight also notes how unsatisfying hedging has been as he hedges in the mirror world by buying longs against shorts. More and more he finds that high cash levels are the way to go for risk management, which is what I have been parroting in NFTRH for months now. So I by no means think most people should be shorting. I do it because I have committed to holding my gold stock longs as long as I am compelled by the fundamental backdrop, which I am.