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\\n\\t* Big day in gold today; gold broke over $1200 for the first time in almost over a year, in fact we hit a new 1-year high
\\n\\t* I saw gold trading above 1260 at one point in the morning, that was up better than $60 on the ounce; It closed up 49.10, I believe at $124.90
\\n\\t* Remember, I was on CNBC "Futures Now" earlier in the week and gold was around $1180-$1190 and they were trying to press me on where I thought it would go, and I said, it\'s going to go higher, I\'m bullish in the short term, the medium and the long term
\\n\\t* But I\'ll tell you one thing: when gold brakes through $1200, it\'s going to move to $1300 very quickly and people are going to be surprised
\\n\\t* It\'s just been one day and we\'re halfway there
\\n\\t* Gold stocks still reflect a lot of skepticism on this rally; Gold stocks were up about 7% on the day
\\n\\t* Gold stocks have a long way to go to catch up
\\n\\t* I mentioned on the last podcast, Dennis Gartman, who got bullish on gold, told people not to buy, he said wait for a pull back
\\n\\t* Well the people who are waiting f or a pull back are still waiting and they missed this entire $50 move
\\n\\t* The stock market was the mirror image of the gold market today; at one point, with less than an hour to go, the Dow was down 400 points again, the NASDAQ was maybe down about 60
\\n\\t* Then all of a sudden there was a rumor floated that the United Arab Emirates was considering meeting with other OPEC nations about a production cut and all of a sudden the market rallied
\\n\\t* The NASDAQ actually rallied positive; the Dow got to\\xa0 about -170 and then they rolled over on the close, Dow down 254, NASDAQ down 16.76 - horrible close
\\n\\t* Of course the weakest stocks on the day continue to be the financials getting decimated to new lows
\\n\\t* Goldman Sachs down about 4.5%,\\xa0 Morgan Stanley down 4.5%, Bank of America down 6.8% - many of these companies making new 52-week lows
\\n\\t* But outside the financials, the debacle du jour, in the stock market is Boeing, which is a Dow component, was down 7% on the day, near a 3-year low; the lowest I saw inter-day was -12%
\\n\\t* The news is that the SEC will investigate their accounting practices - that can\'t be good
\\n\\t* Also they reported that they are going to be laying off workers in an effort to contain their costs
\\n\\t* It\'s not just about bad oil loans, that\'s part of the story, that\'s just the tip of a huge iceberg
\\n\\t* In fact, the market rallied because of the rumor of OPEC is making moves to support oil prices
\\n\\t* We hear people saying that what the stock market needs is higher oil prices.\\xa0 No we don\'t!
\\n\\t* Higher oil prices will help oil stocks, but they\'re not going to help the overall market market because some guy writes an algorithm that runs a program that says, "Buy stocks when oil goes up"
\\n\\t* Steve Liesman said on CNBC recently that he never would have believed the market would be so dependent on oil prices
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\\n\\t* A lot of people make that mistake, assuming that oil is driving the stock market but the same factors are dominating both:\\xa0 fear of higher interest rates and weakness in the U.S. economy
\\n\\t* But eventually, I think oil prices will go up, and the stock market will continue to go down
\\n\\t* Many people are hopeful that Janet Yellen\'s second trip to Capitol Hill, this time talking to the Senate, might save the market; apparently that was not the case
\\n\\t* Janet Yellen, this time, in the Q&A was closer to admitting that negative rates are coming
\\n\\t* She actually said they would consider doing it if the economy needed it
\\n\\t* All the discussion is going straight to negative rates and skipping over zero interest rates and QE
\\n\\t* There was no discussion about reversing December\'s .25 rate hike
\\n\\t* If Janet Yellen is thinking about negative rates, she has ready considered zero rates and QE
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