Frank, my thoughts exactly.
I was looking at the LT weekly BTK the other day, thinking I sure wouldn't want to be in biotechs here, and if so my stops would be right up. But then I thought if it breaks resistance and falls through, which I think it will, the timing might be just right to let it wash out and then rotate over some PM profits. Tech is going to die here finally I think, and I'm not too interested in it.
The unemployment numbers, seem to recall ole nspolar mentioning that they would part of story this yr, all year. Well its happening, and this bear didn't get shook out. I think the S & P and the DOW are now going to start taking their own. And I'm heavy short there. If a couple techs I've covered break, also going to reload those for another scalp or two.
POG, I'm also looking for a big move soon. Could take 2/3 wks I don't know. Looks to me like we have that long for the general markets to wash out as well. I also think the next move is going to power up pretty nicely. Some of this money coming out of the market will make its way over to PM's, and with the pot already boiling that should really get it going. Remember the key price for gold is more like 325, the 300 is just a psychological barrier. |
