As I was scrolling through my charts, I noticed that GLD is coming down to test the 100% line from the July bottom to the October high. Looking at the cycles since then, it appears that a IHS is tracing out, with the neckline at approx. 138 and the shoulder at the fib line to a buck lower. Abounce from here or even as low as 133 can be pretty exciting. A resolution can be in the 155 area.
Needless to say I am still very long my miners, although I wrote calls on silver due to OEX week (good timing huh!). For my options, I plan on rolling to May next week but am expecting the metals to catch a strong bid within the week. In eight business days all open March silver contracts get delivery of the metal, and I believe there is not enough to go around.
I am also staying with my plan of long silver, silver miners, and FSLR, and short SPY. It served me well this morning. I added, CCJ, PCX, and FCX calls for April, this morning. Japanese reconstruction is going to be commodity friendly.