GLD - sell short strategy & reasoning

What is MOST interesting to me about GLD here is it has faied to attract new buyers at a time of near panic as measured by VIX reading above 40 which happened concurrently with fears about the solvency of European banks, ratings agenciy downgrades and announcements to throw more debt onto the back of most developed nation's economies. Obama's fiscal stimulus announcement could have added $100 to the price of gold if this market were in a strong bull phase. So when I see a situation like now I would think it would be wise to step out of this market and let it fall. NOTE THE CHART: The last 5-days of trading have occured entirely inside the day's range of 6 day's ago. This is rare and a warning of lost momentum. Sell short now & sell stop at 174.34 and use a 183 stop loss initially, lowering that stop loss by 1 point for each 1 point drop in GLD.