From Acting Man:
Yesterday, the January Fed minutes were greeted with a heavy dose of renewed selling, on the widely held view that they indicated a sooner-than-expected return to a somewhat less expansive monetary policy. Bridges in Brooklyn come immediately to mind, but of course we cannot know the future with certainty.
Gold itself remains above a few major near-term support levels (barely), but the gold-stock indexes actually breached their equivalent supports and are now poised above what looks like a lot of empty space.
Not surprisingly, already bearish sentiment has turned even more bearish.
For instance, the daily sentiment index (DSI), a survey of futures traders, clocked in at 3% bulls yesterday. That is an all-time low and is incidentally equivalent to the percentage of SPX bulls found at the March 2009 low in terms of the DSI.
We wanted to show a few charts that illustrate the situation further...
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