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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: Goldbug Guru who wrote (502)9/29/1999 6:59:00 PM
From: Wade  Read Replies (1) of 48092
 
I loaded up HM at close to double my holding of senior golds.

I think the gold stocks have a great chance to advance from here. The simple reason is breaking down of US dollar index. This index is closed at 98.73 today, which is 6 month low. The critical support of this index is 98.16 in March. We will see very significant slide of the market if we break down at here. The next support is about 93. The broad market indecies are breaking down left and right. Therefore, it is very likely we will see significant break down of US dollar index and SPY from here. Gold stocks will be one of the safe heaven to park my money, imho. I will sell short SPY at the same time as well. The US dollar index measures the directions of money flow of dollar to and from the US markets.

I was very happy to see that Mr. John Murphy predicted likely hood of breaking down of SPY at CNBC today, based on the same TA.

Good luck.

Sincerely,
Wade
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