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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: napoopoo1 who wrote (9368)	11/7/2001 1:33:49 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

XAU Index and gold stocks seems like it is trading in a funk. What I would like to see is one last slamdown in XAU down to 48.20 intraday low. This never developed like I thought it would into the full moon on November 1st, but I will entertain the possiblility this can still come to fruition. If a slamdown occured, coupled with Rydex Precious Metals TA shrinking below an unheard of 20 million in assets, I would get extremely Bullish again. Precious Metals TA is already down to 29 Million and we could get action similar to the dropoff in BKX TA before it reversed back up. In addition, I just have this nagging feeling the big boyz are gona slam gold bullion after maybe one more minor updraft, if it even materializes, especially to capitalize on the seemingly smokeless gun GATA lawsuit that has now come and gone and we await judges' ruling that does not seem to appear to stack the odds in favor of GATA... ie the judge may simply through out the case... Technicals in gold stocks, like NEM and the JSE Index (all gold johannesburg index) have been Bullish. But there are massive (9 or 10) unfilled gaps below current levels in JSE and several gaps in XAU which is Bearish. We are in a conundrum in gold at this point and I felt it best to move aside until I get a more definitive read. Best Regards, J.T.