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Gold/Mining/Energy : Gold Price Monitor
GDXJ 101.44+3.5%Nov 12 4:00 PM EST
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To: Bobby Yellin who wrote (43130)10/17/1999 7:33:00 AM
From: Rarebird  Read Replies (1) of 116756
 
The US Stock Market is on a Dow Theory Sell Signal: the Transports and Industrials have made lower lows. The Industrials confirmed this on September 23 and Gold took off on the 27th of September.

The type of decline I see here should be good for the Yellow Metal. I don't see a crash here at all. Just a very slow drawn out decline with enough rallies to sucker in more money for the Bear to eat.

I saw this whole Bear evolve in July. The big question here is if Dow 7400 holds on a closing basis. If it doesn't hold, we most likely will be entering a decade where the primary trend is down and Prechter will finally have his day in the sun ( after being wrong for many years). If this decline holds above 7400, then a resumption of the Bull is likely. Nevertheless, the bear should be with us till next spring. I expect the POG to test its 93 highs before the bear is over. Whether it breaks it or not, the message will be quite illuminating.

There are much to many stock market bulls at the present time. There is a lot of selling left to be done- though there is some good support at Dow 9200-9700, and we could get a pause in the selling and get a bear market rally to lower highs, to Dow 10,000 before we head to lower lows.

Yes, it has happened before and it can happen again: a devastating Bear Market. Don't look at Greenspam for help this time: if he lowers rates aggressively this time around, he'll send the XAU to the 150 level and lose all credibility on the Inflation fighting front.
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