ecirie re: ["So, are you waiting for Agora, Bonner, Weiss etc. to turn bearish, before joining the bull crowd? Seems to me those folks are perma bulls so writing in a bullish vein is no surprise and "reading the players" is no help at all"]
More on Bonner-Agora/Weiss in a bit... but, as far as Gold Bull's throwing in the towel... here's a biggie on par with Roberto Duran's -- "NO MAS"
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Richard Russell just turned on a dime from Mega-Gold Bull to bearish....saying quote:unquote:
321gold.com
"What about gold? Below we see the weekly chart of GLD, which is simply a proxy for gold. Everything on the weekly chart suggests that gold has further to go on the downside, and I'm referring to RSI and MACD. The histograms have just turned bearish, and as a guess I'd say it going to be a matter of months before gold can establish a real bottom. Of course, a high-level consolidation is always possible, but I wouldn't bet on it.
HUI, the gold average looks toppy, but is still holding above support. The gold shares tend to lead the metal, so we'll see if HUI can hold above support at around 28.50 or whether HUI breaks down and tests its 50-week moving average at 274.
Conclusion -- Best to "go away" and not look at gold for another six months to a year. As far as I can see, the first phase of the gold bull market is over. Accumulation time for the second phase lies ahead. And that's going to take time."
Jun 9, 2006
Richard Russell
Dow Theory Letters
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SOTB
PS: re: ["So, are you waiting for Agora, Bonner, Weiss etc. to turn bearish, before joining the bull crowd?"]
I tend to not join crowds, or herds...
"Lead... don't follow"
"Always be early to the party and never, ever, EVER -- be caught hanging around at last call."
-- the big, fast & easy money is made by being right about & being levered at -- THE BOTTOMS.
-- the big, fast & easy money is kept by never being around at -- the tops.
Just ask Richard Russell...or, the scores of 'bugs caught holding the bag for the 3rd time in 2 damn years...
...somethings never change. |
