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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (60785)5/11/2006 3:58:53 PM
From: ild  Read Replies (1) of 110194
 
Date: Thu May 11 2006 15:34
trotsky (however...) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
as previously mentioned, the 720 level is strong resistance for gold itself. not only is it the secondary high of 1980, it's also the 78% retracement level of the entire 1980-1999 bear market. the only question is imo if hitting it will produce a small or a big correction.

Date: Thu May 11 2006 15:25
trotsky (@pm sentiment) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
pessimism on pm shares continues to rise - the XAU p/c OI for the 3 front months has risen to 1.15, a fresh multi-week high.
individual issues p/c OI at 0.62 is now higher than 97% of all readings over the past year.
Rydex has seen extremely tepid inflows, and the cash flow ratio remains mired in the middle of last year's trading range ( i.e., Rydex traders are no more enthusiastic than they were in the middle of a cyclical bear market for gold stocks ) .
for all the alleged enthusiasm in gold itself, p/c OI in gold futures is ALSO at a new annual high.
today i heard yet another market commentator on TV pointing out that 'everybody is rushing into precious metals shares' - but that is simply not true. considering that only about 40% of all WS analyst ratings are of the order 'buy' or better, he should have said 'it's astonishing that NOT everybody is rushing into pm shares'.
several pm shares haven't seen any ratings changes since MARCH.
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