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Strategies & Market Trends : The Swamp
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From: SwampDogg10/17/2007 6:02:54 PM
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PM stocks continue to look very good and certainly have a different tone on this pullback than anything in the past few years.
NEM was the major contributor to the weakness in the indicies and this was coming due to a huge downside volume day that has to be tested.
Ag may only want to test the 200 day and may not see $12.00. This is a good canary for the whole PM market. The large silvers showed very well today.
In the general market bears should be scared on an IT basis. Many stocks are flirting with breakouts that would have very bullish implications (see EBAY for example) . They could fail but time is running out.
EBAY may have completed a 3 wave correction on the low earlier this year. The bullish implications are goofy. The bears need a failure in stocks like this soon.
The market may be in a place much like it was in the Fall of 1999. Early bears lost it all...
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