The Swamp Message Board - Msg: 24823429

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Strategies & Market Trends : The Swamp

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To: rubbersoul who wrote (258)	8/5/2008 9:39:21 PM
From: ItsAllCyclical	Read Replies (2) of 491

Jimmy's smoking some crack if he thinks 850 will hold here. We've had a very large correction in the stocks, but only a mild correction in gold. Again it may be different this time (very unlikely) or maybe gold is going to play catch up. Lots of specs to liquidate yet before the waters get safe. Based on the juniors and the speed of this current correction I'd say somewhere in the mid 700s is the odds on favorite. Pure speculation of course as I'm not short gold here. Mid 700's has significance for a few different reasons and it would also break a few other trends/averages that have held during the past 8 years. Enough to create some real fear, but not so low as to be outright silly given the current FA climate. Most PM investors think the juniors were the target of naked short selling. Maybe they were, but to say the entire sector was the victim just doesn't jive. A more logical explanation imho is that breadth was declining signaling a major IT top. % wise many of the juniors may not have much more to fall, but do you really want to be in dead money for the next 3-4 months? No thanks. Will be trading GDX or other big cap plays on this bounce.

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