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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.44

-1.2%

4:00 PM EST

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To: Real Man who wrote (111848)	4/3/2020 2:04:04 PM
From: Rarebird	Read Replies (1) of 116759

There is always manipulation. But that didn't stop SPX from falling over 34% in 4 weeks. SPX may or may not get to 1800. There is a lot of complacency out there in regard to the Bull resuming or beginning anew once the pandemic is over. That is the consensus view and reflected in the relatively strong AAII bullish numbers. From a traditional perspective, 1800 SPX is not cheap. At best, it represents fair to still slightly overvalued. I only mention this because that is a very important feature to you, which you have constantly talked about over the years. If it is a secular bear, the market will go to undervalued, quite substantially. Market is consolidating here and digesting its losses. It is clearly a bearish consolidation. Lots of whipsaw, but bias is clearly to the downside. It may not be that simple in terms of what most think. There is a wealth effect to take into account. Oh, I will be covering my HDGE and DWSH positions by the close. Short selling is not easy in this environment with big bid/ask spreads and it is tough to get shares to short in regard to some issues. Let others do the dirty work; HDGE and DWSH will get more preferential treatment than I will.

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