Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: nspolar who wrote (9680)	3/21/2002 1:20:07 PM
From: Roebear	Read Replies (3) of 36161

nspolar, The market has a better memory than most of us and I have found sentiment, as expressed in gaps and important price support and resistance levels, often lasts for years and years. In this regard, 300 is an important level, but 325 even more so. I was active in late 96 early 97 in the golds. I remember the profound disbelief among traders when one rather irritating fellow began ranting about POG going to 325, that disbelief only to be surpassed when it did achieve that level a month or so later and then went down from there. I'm sure George Cole remembers this 3-2-5 call also, as we frequented the same forum. Except for us few members here on SDII and some dyed in the wool goldbugs elsewhere, I believe the same disbelief exists in the market today as to whether the POG can penetrate and hold over the 325 level. Which IMHO makes POG as likely to penetrate and hold that level on a rally as the same disbelief did on the downside in 97. LT traders who caught the November bottom (or the October 2K) can take it easy here, while the more intermediate types have to be on their toes and nimble. Best, Roebear

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