pulse: gold #312.4, US$ 106.8, HUI 124.0, XAU 67.5 >>>>>
gold was up sharply today, with a little slingshot effect from the fakeout distorted Durable Goods number, contradicted by the ConSUMO Confidence number
the dollar is showing early signs now of a failed double top, with 109 in first week Augy, 108.5 last week, and a bit of a rollover now below the 20dayMA
HUI got above the critical 120 resistance level
hangdog XAU is struggling to get above an important 67-68 now
imho a gold stealth rally has begun
I believe such a great majority of people expected the gold price would retest 297, and golds would retest recent lows, that it didnt happen
too many expected it
on the other hand, many now believe S&P has recovered, beginning some perverse new uptrend, with the bottom having been seen
time for a retest
too many dont expect it
wondering if/when the Inept Fed will offer a surprise rate cut
they can act proactively with a preemptive cut
that would be very smart
and probably lead to a nice stock rally
but I think the Inept Fed will behave reactively
and offer a rate cut after renewed evidence of sluggish econ growth, and possibly of recession threats
and probably have little effect on a stock decline
ABOLISH THE FED, CREATOR OF INFLATION AND RECESSIONS
/ jim |
