Even though gold is deeply out of favor and probably heading back below $1,000 an ounce, it doesn't mean it's no good to play from the long side during a trend down day in the broad market. You can see the jump in GLD as the market fell apart in the morning, but it was that lunchtime zigzag that I love to see that offered the low-risk trade. On a bad day like Thursday you're going to be keeping an eye on the bonds and gold for a play.