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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (7472)	2/8/2002 11:39:58 PM
From: gold$10k	Read Replies (2) \| Respond to of 36161

nspolar, If I was only looking at the PM stocks and not the POG, the history, and the underlying fundamentals, I would say that this leg is over... as I said previously, the end of 1 of 3. However, there are many howevers and OTOHs. 1. I believe that this is only the beginning of a much, much bigger move, which I would kick myself to miss, having waited all this time. “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine - that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.” - Jesse Livermore via Larry Livingstone 2. If this is the end of 1 of 3, then 2 of 3 is likely a relatively shallow retracement which could be virtually sideways. Looking at the weekly chart of XAU from 1993 I noticed that in the 1st 6 months there was sometimes sideways motion for a few weeks, but not really a pullback. These could still provide good trading and PF rebalancing opportunities for me while I'm waiting for the next move. bigcharts.marketwatch.com 3. There is a G-7 meeting this weekend which could be significant if the recent rise in the POG has been in anticipation of something coming out of this meeting. I believe that the "big boys" usually take care of one another and provide a way for the in crowd to get on board early. Message 16637748 4. Strong moves like this can stay overbought for a long time and put out false indications to shake you out. 5. It is very bullish that the POG closed the day and week above $302. I noticed buying at the end of the day, so it's not as if gold totally rolled over for the sellers. <<Too many giddy folks here.>> I agree, but this thread is a very small part of the investing world. Most investors have not made their 1st PM stock purchase yet and many are just getting the bug. I will continue with my same modus operandi of trading around a sizeable core position with 15% cash in case there is a bigger retracement or a clear sign that the train is leaving. So far, so good. <g> Best, vt