Brief Update 9:00AM EST

Gold – As noted last Wednesday night with gold trading at $1,236, my technical work suggested we could see a significant consolidation/correction with the worse case downside of $1,185. As I type, gold is trading around $1,210. I noted Friday appeared to be an “Outside” day and follow through selling has confirmed it. We’re seeing typical technical selling like suggested in this Market trades blog post.

All of this is healthy and does nothing to impact my 2010 target of $1,300 – $1,500. There’s a neckline support key support around the already psychological $1,200 number. We may never even test that area. I’ll watch the next day or two trading and follow-up with my analogy of it but don’t lose sight that all this to me is just a pause that refreshes.

U.S. Stock Market – The “Don’t Worry, Be Happy” crowd have a chance to gain back some ground off of yesterday’s late day comeback. Stay tuned.

Client Crescent Resources reported it’s unable to complete its private placement at this time. The company has been hurt by Evolving Gold’s inability to hold and gain traction off its discovery at Rattlesnake last year. CRC is going to be dead money to some and to others not worth selling at a nickel for the foreseeable future.