GLD may resume its uptrend, having only stalled at the lower LR30 channel band and not broken through to the downside. If we do see a "kiss-off" of the channel that may be the time to be short. . .for now there are to too many unknowns and associated risks. Flat is the safest bet for now IMHO.
Now, you wanna talk oil spill?
Here's a little item by Anene Ejikeme on NewYorkTimes.com that makes the BP blowoff look like a Saturday driveway spill while changing your car's oil.
Meanwhile, Senate Dems want BP to pony up $10 billion to cover sprill damages (I said this number was volatile) no doubt providing at least part of the impetus for the intraday 10% drop yesterday.
And, before you get lulled into the mindset that the worst is over and that a market bottom is at hand, take a look at Monday's volume, which is more reflective of short covering than serious accumulation.