And What About Gold?

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Let's begin with a look at the longer term chart of GLD.  The gold secular bull trades in a repetitive ABCD pattern.  We are currently in the C wave of the pattern - which is the one wave - 6 out of 6 times since 2001- that ends up going parabolic before it flames out.
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I was able to get the www.FreeStockCharts.com software to take me back to 2005 with a weekly chart.  I will tell you right now I do NOT have a Ph.D. in drawing this perfectly correctly......but I do have a Master's in getting it close :)  One of the guys with a Ph.D. is Bill Downey over at www.GoldTrends.net  
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The main point of this chart is to show you the general ABCD pattern that repeats as gold, over time, moves higher.  A lesser point is that today's breaktaking drop to around $1200, in the big picture, is no big deal.  Everything is still, OK.
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Click on the chart to ENLARGE
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Here is a closer look of today's action in the context of the ABCD current pattern.
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Usually a drop, like we had today, especially when it aligns with a concluding stock market drop, is about all the downside you will see for a while now.  I expect the miners to start screaming higher any day now.  Seriously!
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Click on the chart to ENLARGE