If you are holding substantial longs, the prudent move is to reduce risk into the strength and look for another entry point down the road.
You do not want to wait until it is clear the market has turned before buying.
Given recent actions, the way we view fixed income may be changed forever.
Price support and Fibonacci timing cycles suggest a gold bounce is due in the next time window.
I'm still not sure a bottom is in play in the market yet, but I do feel like we have the setup for a bounce.
GLD longs should protect their positions right now.
When markets become excessively volatile, it's a good idea to look at charts from a longer-term perspective.
A look at GLD and the Fidelity Select Gold Portfolio fund.
These real-life examples don't mean leveraged ETFs are without their use. They can make terrific short-term and intraday trading vehicles.
But don't throw up your arms yet -- here are names that could be golden opportunities.