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Strategies & Market Trends : Strictly: Drilling II
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To: Roebear who wrote (21032)10/31/2002 11:04:00 AM
From: ItsAllCyclical  Read Replies (2) of 36161
 
>> Anyone opinion on direction of POG if DOW breaks up?? <<

I'm not sure we'll go much below 312 or 310 and may even have slight gains. At this point the market is rallying because it expects a Fed cut. Gold should rally for the same reason.

Gold should track rates and the Dollar near term more than the Dow/markets going forward. However if the markets fall that will most likely support gold as well. Wedge patterns on both the XAU and HUI that point to a big move by mid Jan 2003 at the latest. The prevailing direction is up and FA supports an up move.

I would reconsider my position if I thought Greenspan could raise rates soon or the Dollar broke above 110 again. Otherwise just holding and will continue to add from time to time.

I think most of the gold crowd knows that at this point any rally in the market is pretty temporary given the data. Greenspan will only makes things worse LT if he cuts again here. The credit bubble will only get worse and the collapse will be that much uglier.

The more they continue to take the market straight up, the harder the eventual fall.

I think much of the last week has been fund managers playing with OPM trying to improve their results for the quarter and year-end in some cases.
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