Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: isopatch who wrote (477)	8/24/2001 10:39:18 AM
From: Roebear	Read Replies (4) of 36161

Of interest, securitytrader.com Security Trader has amended his weekly gold chart comment (May 2001) from this: Buy gold and hold unless 252 is taken out To this: Buy gold and hold unless 252 is taken out AND MAYBE HOLD EVEN IF THAT IS TAKEN OUT. THE UPSIDE IN THIS SECTOR IS HUGE. BUY IT ACCUMULATE IT HOLD IT I find this change significant. They DO NOT usually promote holding ANYTHING through a loss, they are mostly daytrading/st swing traders (though also the best I've found on major turns). This is a significant departure from the norm for them, reflecting their view of the upside vs downside in PM's and their current opinion that the long bear market in gold is coming to an end. A lot of volatility and chop is likely in gold and gold stocks. A blowing out of the stops in a V move always possible in the PM's and that could be precursor to a big rally. Still, in viewing the short term on the XAU/HUI, I get a sense that the bears are the ones who are desperate here. Short term TA on the XAU/HUI: support is holding with a nice bounce off of it at 56.90. Now on the retrace we should hold 57.20 or 56.90. If not, things could get OOGGLY short term. However the XAU/HUI is holding quite well in view of the weakening POG and I am holding comfortably. Which is good, because this short term "chop" is not going to get me out of a "promised the better half" shopping trip today much longer VBG Roebear

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