bazan, maybe it is the gold bug in me, but as I look at the chart, I am not despairing yet...My fast stochastic 8 day reading on the XAU is
1.061.....That is unbelievably oversold....Technically the battle line on the XAU is at 70.00, but when you look at the chart, you can see where I got my 72.50 figure..I was using the July and August timeframe to use as the top of my neckline.....Anyway, it takes two days below support for the technician to hold up the white flag...We are on day one...But I will tell you, whenever my emotions are to a point where I feel like dumping all gold in my portfolio, it is usally a sign of a bottom...Call it the lack of Irrational Exuberance Index...At the present time, I have asked Skane to get the waste basket, and I am ready to dump my cookies(remaining gold positions)
Now Bazan(you are probably Roman Catholic), it is time for me to make confession....
1)I bought ASL today at 8 5/8.....(I cannot resist a stock with a 16 PE, a 1.7% dividend, and making money at 290.00 gold)
2)I rebought American Century Global Gold fund for my daughter's custodial fund....I bought it at the close....
The other day I bought in and sold it two days later for 6% profit..
I am allowed only 6 switches a year, so I have to watch my step...
3)Still holding DROOY, but have a stop in place there....
And now to your NEM....I got burned out of 3% today...Lesson learned..I have to quit trying to time the bottom and buy the real reversal....If she hits 20 1/2 tomorrow, that is where the upward fireworks should begin....Fast stochastic 8 day on NEM is at 3.552...
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