pulse: gold #319.7, dollar 107.67, Dow -63, SEA C$3.45, ...
I am amazed how tightly gold is now trading versus Dow, US$
it is tracking intraday turns very closely
the dollar descended quickly in the afternoon today
coinciding with the sharp reversal of the Dow
today Dow was +130, but now negative
horrible horrible daily bearish signal
how much longer can these investors remain in stocks?
solid support for gold now from the strangest of sources
Rostenko (I believe) reports on GoldEagle that large volume support is coming from overly hedged gold miner firms now
that is his interpretation (as a former Comex trader) of recent action on order size, commercial/trader positions, support and resist behavior
as for Amazon, the guy could be right, dunno
AMZN, YHOO, CSCO are still the numbnut darlings of those who seem to enjoy a surfeit of empty cranial caverns
by later this summer, it should be much clearer that the earnings will not be arriving in 2002
forward guidance offered in July earnings reports will not be good
and slowly the floor will disappear in major stock averages
I suspect Bently might be right about a massive bear rally short squeeze coming this midsummer
such a rally would catch many unprepared
it would take down golds on a second shakeout retest
unsure I want to play it though
this may sound silly and unexpected
but playing it makes me nervous, holding makes me calm
/ jim |
