I was initially going to try to write something about equities (specifically, the ES), but Good Lord, what on earth is there to say except… endless abortions. What I mean by that is that every time it seems we’re set up to fall (see green tint), voila, we abort the breakdown and Yellen saves the day again. Boring, annoying, and frustrating…

Thus, I’ll instead content myself to share thoughts on gold, as shown here:

Here are my observations:

(1) Gold has been, since last December, progressing in a steady series of higher highs (green tint) and higher lows

(2) For lack of a better word, gold ran out of gas, and although its next rally toward 1300 was powerful, it didn’t muster a new short-term high. (Magenta tint)

(3) Since then, it has changed its short-term trend to a series of lower highs and lower lows.

(4) Importantly, it gapped down a couple of weeks ago (arrow) and broke its short-term uptrend (blue line)

This is why I am somewhat bearish on gold (and its miners), augmented by the fact that the US dollar, having been battered all year long, may be in a position to have a hearty recovery in the weeks ahead. I am long DUST and short GDXJ.