Trading for 6/7/12

The S&P closed down 0.14 to 1314.99, the NASDAQ way off 13.7 points (0.5%) to 2831.02 and the Dow gained 46.17 points (0.4%) to 12460.96. Bernanke spoke to Congress in the morning and apparently put the kibosh on QE3 (although he did not rule further action at some point), disappointing investors. GLD, SLV, and other inflation sensitive investments acted in kind.

China cut interest rates and reduced taxes, to spur investment. The market initially reacted positively to the news, but sold off throughout the day, closing near the lows.

As for my investments, I cut my gold exposure and reduced my holdings in the TGLDX at the $64.80, taking a profit on some of the holdings I had purchased back around the $60 level. I continue to be exposed to gold and gold/silver miners, but reduced the exposure on the belief that another retest of recent lows is in order.