7kidstofeed (Total Recall),
Todays rally was not what I hoped for. Volume was lacking, as noted by iso, slider and others. Bottom formations for the most part were not what I hoped. POG did not respond as I hoped and the TA shows little improvement there. In short, it could be awhile before steak time comes.
Now I am not complaining, with a heavy load of mostly RGLD, I packed in an over 3% gain from near Friday's lows to near todays highs, resulting in a one day 2% add to the portfolio.
Considering the fact I was unable to watch the markets hardly at all due to real world commitments, not a bad performance in my book.
I mentioned trimming this morning in one of my brief periods of contact with the internet. Near the end of the market day, I had another brief contact and used that time well.
I used those few minutes to trim a lot more, I went to 85% cash.
Now that was just my quick read and maybe I am wrong. Then again, every disappointing pivot point sucks wind from under the wings of the golden bull. Perhaps the real HUI low is this summer sometime or October-November. There is no law of the universe that says that cannot be what will be and there are some charts that say that a (much)later low can be the way it will be.
Every pivot point is a tough call.
But this I do know, every pivot failure of the golden bull brings it closer to stall speed. Perhaps only after the bull finally falls into Dry Gulch and rests a bit, then one of these days, finally, a rebound will not fail before surmounting resistance and a base will be born. BTW, the longer this kind of action goes on, the less likely a V and the more necessary a base.
But IMHO, though I had hopes, this little bounce today is not that surmounting rebound. Caveat, I could be wrong, that happens once in awhile...
Best of luck,
Roebear |
