Partial comment from the lengthy daily comment by Richard Russell of Dow theory Letters.

"just as the current primary bear trend cannot be manipulated or reversed (in stocks), I believe the same process pertains to the bull market in gold. I know that gold is the enemy of the world's central banks, and that the banks have been manipulating the price of gold (attempting to put a ceiling on the price). Nevertheless, the gold bull market is fated to run to conclusion. Nothing the central banks can do will halt the coming third phase in gold. The gold bull market will fully express itself, which is why I believe a third, wildly speculative phase of the gold bull market will ultimately materialize.

Remember, gold is international and is owned by nations and populations around the world. Much as it would like to, the Fed cannot halt the primary trend of gold anymore than it can halt a bear market in stocks or the economy.

Speaking of gold, which is one of my Big Three, gold is now in a very interesting position, as seen in the daily chart below. You can see a giant inverted head-and-shoulders pattern, with gold now working its way up the right shoulder. The multi-billion dollar question is this -- will gold continue to climb up its right shoulder and then break out above the resistance at 103? Gold is overbought now, and it would not be surprising if it backed off, prior to the final attack on the highs. But as you can see ... gold is in a potentially explosive position.