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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who wrote (3993)11/15/2001 9:53:34 AM
From: isopatch  Read Replies (1) of 36161
 
Frank. Early signs gold nearing bottom IMO

Lease rates up nicely again today.

Doubt we'll see much improvement in commercials attitude toward the gold market largely DUE TO the lag of a Tuesday reporting cut or for every Friday report. Lease rates compensate for that gap in ISO's METRICS gold analysis.<g>

However, key is to see more than a 1 or 2 day upside head fake in lease rates. Gradual up then flat then up for a week or two minimum, followed by corresponding improvement in COTs is key IMHO. That's what built my bullishness in March/April to load the gilded pick-up for what was the biggest rally of the year in the yellow.

Let's be patient and let the market tell us whether a trend change is developing or not. No need for knife catching or calling the exact tick of the bottom. More consistent results come from letting the bottom occur with confirmation. A lot fewer stop losses get activated that way<g>

Best regards,

Isopatch
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