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Strategies & Market Trends : The Swamp

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From: SwampDogg	3/15/2008 11:39:49 AM
	of 491

Looking at the Monthly chart of the $XAU (compliments of Swink) one certainly must lean towards this being a Wave 3 of IT degree off the low of last August. Targets for this wave could be as high as 300. Would tie in with the Fed cutting 75-100 bps this week and the buck going off a cliff. This does not look like the PM market is going to pause in here. The scale is right for a major move and the ratio of PM stocks to gold gives us a lot of room here. On the daily chart of the $XAU this would be clear 3 of (3). The trading yesterday reeked of a wave 3 with intraday low volume swoons and a strong close showing instituional accumulation. Not the kind of action that we have seen in this gold market over the past few years. This is "it" as Sinclair likes to say. The main point that the PM chickens are missing here is that there is a record amount of cash out there that is losing value every day as the Fed slashes rates. It will need to find its way into the PM market for protection as much as return. From this point on PM chickens will be known as the PMC. It will just save time as I am sure that thier clucking will be getting loader in the coming days and weeks. stockcharts.com

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