jims101...re: the technicals
From the top down, especially for anyone who's still riding them from the top... they're ugly; but for a bottom fishing patient re-entry buyer/trader... they're showing me what I want to see.
I like NEM's action here.
Good volume buying each time it's touched $22.
We're forming another bottom pattern similar to late July's pullback...I think it's a great trading/re-entry opp.
finance.yahoo.com
Deeply oversold on the Williams Oscillator - now turning up, MACD reached - 1+ similar to late July, looks to have peaked imo, Slow Stoch has turned - poised to cross over, Fast Stoch has bottomed and turned up - similar to late July, candles flashing positive... I think $20 holds and $22 is a buy...NEM is the Big Money/Institutional Fav' - it's the one to watch... the individual player is in the DROOY's, KGC's et al and these will show greater shakeouts to the bottom (thus, greater buying opps (VBG).
I got criticized for disgourging Gold Stocks into the Late May rally... but, have done well re-buying dips selectively; flipping portions for cash profits in the register, but re-building back to a heavy portfolio weighted position with shares retained from these HUI 95-110 pullbacks.
As someone who thinks we're in the 4th, 5th inning max in the Gold move... I like the opportunity here and you can bet your A$$ that Gold is getting "smacked-downed" as the PPT/ESF is riding the momenteum of the shift from bonds to equitites.
After we get exit this earnings period... what's going to continue to drive this "new" Bull ?
Sears, Circuit City - consumer spending ?
Rising Mtg Rates - re: the Bond Market top ?
Those unemployment #'s still @ 400K + on a 4 wk ma ?
Will the market rally when the bombs start flying in Iraq ?
Our Deficit problemo-maximus rotundus(vbg) isn't going away and what will the War in Iraq do there ?
...and then there's that new (ugly) kid on the block; the Pension Plan crisis ~
Sinclair is right on about nearly all the catalysts for GOLD flashing positively... it's clear the Fed is going to have to continue to ramp money supply and liquidity and GOLD is setting in the Cat Bird seat imo. |
