The selloff is too quick too fast. Very well orchestrated. The nasdaq could probably stand a 33 to 50% retracement of recent gains and with so much riding on the market to support the expansion, I would think shortly thereafter we will be off and running.
Weakness thru the first week of February/Fed meeting, then support from earnings and the favorable outlook from the rah, rah, analysis.
Gold, well what can you say. What Gata does not understand as well as most gold bugs, as long as the stock market continues to provide the wealth necessary to purchase Porsche's, diamonds, houses, and high prices wine/cigars, nobody gives a damn about the injustices occuring in the gold market. As a matter of fact, if the party were contingent on a low gold price, some of the participants would be glad to throw some spare watches, coins at the market to keep things going.
Ken |
