Iso, the market is reactibg on a 25bp cut "only".
(I've been hirred to droip Dollars from a plne, but that is another story).
IMHO. self fullfilling prophetie, the general market will have his Summer rally.
Have some chart constructions pointing to your "possible" POG $335 (we had a end of July low in 2001 and 2002 also).
The point I want to make is, there will be an election rally end of 2004, just politics. This rally has to get an origin.
IMVHO, much lower than today.
So, first, we must rally on the "wise" decision of the Fed, then find a bottom.
Opposite rationale for goild. IMHO, the very time to build long positions with 2005 as target.
I won't trade opportunities, just the long term trend.
Btw, I would still consider goild @330 as in a primary bull trend ($325 today, but markets do not move in a straght line <g>) |
