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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (7967)6/6/2001 4:51:01 PM
From: Rextar98  Read Replies (1) of 19219
 
Mike Drakulich out of gold stocks today.

From CB site:
Category: TA
From: drak (Mike Drakulich)
To: ALL
Date Posted: June 06, 2001 at 16:04:55
Subject: Issued Gold Stock EXIT today

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I exited ALL remaining long gold stock and mutual fund positions today. Why you ask? Because in reviewing the gold Ewave count from the $338 high in Oct. of 1999(wich I now think was Wave C of irregular flat for a big Wave 4 top), I now believe the odds favor the recent rally to just below $300 was Wave 4 of a diagonal triangle from that 99 high, and we're now in the 5th wave. Very interesting is that downside targets are the low 250s, right at the area of the lows made in the summer of 1999. I do NOT think the XAU goes to new lows, but at least the lows 50s, or middle to high 40s are very possible.
Drak
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