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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: loantech who wrote (13306)6/13/2006 7:45:03 PM
From: SwampDogg  Read Replies (3) of 78428
 
Unless this is a crash that will start a depression that will make the 30s look like fun.

The action today made me more bullish than ever
Bull market stuff to be sure. People forget 1997 and 1998. Today was deja vu.
We can go lower but probably not much for the following reasons:

1) Gold has great support in the $535-550 range
2) Silver is at good support right now
3) Gold stock leader like NEM and GG held up very well today
4) Good support on $HUI in the 258-260 range.
5) Sentiment is beyond horrible
6) Spec stocks have been smoked

The market was also strange today in its lack of volatility. Kind of reeked of a raid as a market as dynamic as this one should have 2 sides to the market.

If $540 goes on a closing basis then I have to rethink. Looks on the bright side. We may be done on the downside for a long time.
PS Kudos to those that were looking for $HUI 280. Saw the possibility but certainly not this quickly.
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