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Politics : Welcome to Slider's Dugout

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From: SliderOnTheBlack	7/15/2005 1:08:56 PM
	of 50674

Sometimes the Best Trades - are the one's you DON'T make. Another day, another smack-down attempt at the open: finance.yahoo.com ...gold one day, the stocks the next. Over the last month from June 15th to July 15th - the closing low has been HUI 194.34 and the closing high HUI 205.01. - 30 days for all of 10.67 HUI Goldbug index points. You can get that much action in Google every 17 minutes. With the extreme long position in the US Dollar from the Spec's and the Short position in Gold from the Commercials... if this mornings Financial Times Report has the August timeframe correct for the Chinese "Re-Peg" prior to Hu Jintao's September White House Visit...it could get quite interesting for Goldbugs fairly soon and would explain the relentless smack-down assault on both the Metal and the Stocks of late. Keeping NEM down (not that they haven't done a good job of that themselves) not only helps keep the HUI Index down under it's 200 dma - as NEM holds a weighting of 14.61% of the HUI Index; but more importantly keeps a lot of Institutional Money oft' earmarked for Gold/Goldstocks on the sidelines... as Newmont is viewed as "the" Bellwether Goldstock...ie: as NEM goes - so the goldsector goes. Top weighting in the HUI goes to Goldfields/GFI at 15.58%, 3rd Position is FCX with their Copper skew to the Hui and in 4th Position is HMY. So given that less than efficient HUI weighting along with the Rand:USD hit the South African's have taken of late, atop the GFI/HMY fiasco battle... the Shorts haven't had to work real hard in keeping the HUI Index under the 200 dma Technical Radar. But even with all of that, The Goldstocks have been showing some newfound resilence post the April/May washout into the face of these smackdowns... we will soon find out if the shares are truly, now in stronger hands. So far, so good. ...hopefully the 'stronger hands' will soon be rewarded via the Spec's cashing in those USD longs and the Gold Commercials covering their Shorts on China's Re-Peg. I don't think anyone anticipates a major revaluation from the Chinese...but, as Confuscious once said: "It's the thought that counts" ;) In the meantime...great time to enjoy a good book (or 16)... Slider`

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