While the focus is on equities...

On the other side of things, gold and silver has made tremendous runs over the past 2 weeks and the run has been parabolic.

One should not chase these two precious metals at this moment and should wait for pullbacks to find a good entry.

Looking at gold, the consolidation has been taking place since April and recent breakout has made a tremendous 9.63%. Looking at Gold futures which is currently trading at 1929 and the massive news coverage on Gold, it is likely to push higher for the next few days due to retailers joining in and likely due for a pullback but I don't expect it to tank considering the latest news on the 1 trillion bailout package that the US government is trying to lobby. If that happens, expect Gold to make even more parabolic moves as many central governments will look to get physical gold to back their currencies.

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Looking at the Silver chart, it has also made diabolic moves recently and it is really relentless in its up move. I will share more insights once I go through some of the news/charts as I have not really been following Silver but if Gold moves, all the other precious metals will naturally tag along as well.

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