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Strategies & Market Trends : Strictly: Drilling II
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To: jrhana who wrote (34118)12/3/2003 5:00:02 PM
From: Andrew  Read Replies (2) of 36161
 
This has been a liquidity driven rise in stocks and now that gold is on the front page the gold stocks as well. They are talking about gold everyday on CNBS now.

Notice today how many gold stocks were up, not many. Gold Stocks lead the gold price, when they stop performing Gold the metal may continue for a while but this is a pattern I have seen over and over. I still see 415ish gold short term and a pullback to 390's after. From there gold may push higher. The risk reward is not there for me now.

The Gold majors are parabolic. The juniors have mostly gone too far but there is some value still but dificult to find.

The explorers, I wont even waste my time on.

The public is in, I'm out for now not wiling to give up near 400% 2 year gains when panic selling starts.

Gold is prety much on its upper trendline here also. Sure it can break out but I'm a trader and will trade.

I'm not bearish on gold just happy with selling at the current valuations.

Sold 2 gold mutual funds today which have come close to doubling in 6 months. They have been going straght up without pause since July.

I will use use any strenght in gold shares to sell the rest of my juniors now except for a few that I feel are special situations.

Months ago I would have said that a market selloff would spare the golds but now they are tracking higher together with an overbought market so why wouldnt they selloff?

Used to be the golds went up when stock market was down and vise versa this has not been the case recently.
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