I personally think GLD has some more base building before it really makes a strong upside move, but it is still very positive.
Whether or not to take the nice gains form GLD calls from yesterday which should be up between 25% and 30% today (or leveraged long ETFs) is up to you. On one hand I want to stay nimble and hit and run and think GLD has a bigger base to build, on the other, the market is increasingly unpredictable and the near term institutional timeframe of 5 mins is very strong.
I can only give you the charts...
GLD's 5 min chart...This is still leading positive, the faster timeframes aren't telling me much yet. I only had a small position of a single contract I just closed.
The longer term 30 min chart shows the distribution sending GLD lower, an in line status on the trend down and accumulation starting on a 30 min chart which is huge, but for this to continue to accumulation this large of a base, GLD will have to come down to be accumulated and run in the lateral range in the white box.
We'll have plenty of opportunities. I'd just say, Bulls make money, bears make money, pigs get slaughtered.