Morning moves

I normally hate to post these things because of an irrational superstition that the moment I say what I'm doing, the market goes the opposite way. I've also had terrible luck doing this sort of thing and never make money at it, so don't for a second even think about making this trade yourself...

But, I've hedged a little, with a double-short HGD (gold miners down) and HZD (silver down). Not much money, ust a single position size. I do plan on holding my BTO, FVI or GPD right now, for the duration of a correcton in the miners and metals whih I hope will be minor, so I'll hedge them. I still have lots of cash.

My big problem with these hedgey moves with the leveraged ETFs is that I get faked out real easy.

But as for gold miners: the $HUI has hit resistance at the EMA(8) three days in a row. That tells me it's more probable that it goes down from here. Eventually - these $HUI tops seem to take a while to play out. But I think the broad market newsflow should make the move come sooner rather than later.

Silver hasn't looked too great either - SLV is also finding resitance at the EMA(8), and the silver miners haven't even tried to retest their own EMA(8) resistance line, they've been so weak.

Meanwhile the broader market still has more opportunity for fear than it does for hope, I think. Greece is still broken.

Unless SLV can break above $40.50, it should have a downward bent. Similarly, $HUI looks bad below 615. I am actually going to try and use sufficient discipline to stick to these as my stop-loss points.

As GT says, any correction in the PMs and miners should be small. We have to assume his paradigm is correct.