Tim,
Miners still look good on the monthly charts, but I expect them to begin August at their lows. I may take positions before the start of August if prices drop low enough, or I may move on to something new.
Cash has been good, but I have noticed that the money market funds are losing money now and it doesn't seem to be finding its way into the market. I think people are hurting.... lay-offs, massive debt loads, and huge equity losses are taking their toll, and now they are living off their retirement funds earlier than expected.
This has potential to become very ugly. There is still a good amount of OPM in mutual funds to be had, but not as much as there was, and it's coming in much more slowly. I still feel that those who put money in funds now are simply handed it over to those taking theirs out, therefore, little progress will be made.
E |
