Strap in kids, the much needed correction may be upon us.....

Gold after hitting a high of $990+, wound up having a nice day, closing up some $10+ and the gold stocks had an even better day in an iffy market. However, IMO, we might be approaching a short term top, soon. According to Jeff Macke, in his mind, $990+ is a rounding mistake to $1000, and he is ready to call it a day on gold for now. Hell, even Sinclair, if you read between the lines, is a little worn out with this move for now.

When Cramer is screaming from the Mad Money pulpit that he loves gold, that may be a sure sign the party is in full gear and the cops are on there way to break it up. In fact, Cramer, pushed AEM hard tonight. As evidence to this, gold hit $987 tonight in Asia, and has since backed off $6 ($3 from the 6pm close). Now by all means this is not a big deal. In fact, I would like to see some basing here to gather strength for the next leg up. But, this is the gold market, and what should be some simple profit taking usually turns into a death like spiral!

So, let's tally, we have the WSJ, Barrons, Cramer, and lord knows who else liking gold, and Sinclair a bit negative. Is it a contrarian play to short it for a while? Who knows. But, the second my boy, Guy Adami, starts liking gold, I am shorting away.

Silver is extremely overbought and needs to correct. Sadly, a silver correction makes a gold correction look like child's play. I really think if Silver wanted to, it could correct $2 in one day. Wouldn't that be something? I AM NOT SAYING THIS IS GOING TO HAPPEN, ONLY THAT IT COULD.

Whenever gold finally does correct, you know the top callers will be out, and Guy Adami will have a big shit eating grin as he says "I told you so."