"This looks like a selloff before news. Today we should check insider selling. I think any news has to show mineralization at depth."

Pardon me if I disagree. The price action suggested that just a few people wanted out. Other bellweathers like Yamana Gold did exactly the same thing.

Basically freddie and fannie got bailed out - but that killed their stock in the process. Problem - most other medium-small banks had put their capital stock into ... freddie and fannie. So in the process a lot of small banks are now bankrupt.

KXL is too low.

But I doubt we'll see news until closer to the strategic show beginning of Oct. Sorry to say.