Comments by you and David are greatly appreciated.  

Market behaviour is frightening and, because you have increased your gold position, I deduce that you are increasing insurance against further stock market deterioration. 

When I view the tech indicators attached to the following S & P 500 Chart, all appear to be above low points recorded in August.  The most recent slow STO also appears to show a non-confirmation of yesterday’s low.  The slide down the Bollinger Band looks more frightening.

A comment would be appreciated.

Eoin Treacy's view

Thank you for expressing your opinion and giving a voice to some of the emotions I believe many people are feeling right now. 

I increased my gold position because I believe it is more likely to close its overextension relative to the trend mean than to fall to new lows. That’s not looking very smart today but I still hold out hope. My opening of this position was not meant as code for some deeper thought or as a backhanded way of saying I thought the market was going to fall further. 

I was not prepared to buy stock market indices yesterday because despite the fact a number are back in the region of their August lows, I had not yet seen evidence that support had been found. Today’s action is more encouraging.