It´s been waiting time for a few weeks with short positions, but today it seems SPX800 finally give it away. Sooner W5 impulse comes, sooner it´s over. SPX600 seems reasonable target for me when looking summer 2008 – autumn 2008 W3 size.

FAZ is pretty comfortable 3X Beta ETF to own now to mention one bear ETF, up alone today +25%. I don´t doubt much about those car indursty safetyplans, this is much more related for banks & financial institutions. In generally some notes about market it looks for me that even we would be now in W3/5 down, wave 5 usually don´t have same power as wave 3 does (during autumn 2008). Yes, It still pinpoints down and we go down if that´s the case, but still – I don´t smell same blood & dynamic anymore. This is not surprize for anyone either and it makes a big difference so do not be surprized if market takes powerfull reversals during this wave. Lower High and new Lower Lows should be the result how this market is going to trade.

Not much to add, everythig has been said allready and that Gold really going to be trade of the year !