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

To: nspolar who wrote (19800)	10/4/2002 1:09:31 AM
From: Cogito Ergo Sum	Read Replies (1) \| Respond to of 36161

From JW on St. Helena ;o) investorshub.com

To: nspolar who wrote (19800)	10/4/2002 3:44:10 AM
From: jimsioi	Read Replies (1) \| Respond to of 36161

Gold's Momentum Indicator, CRB and OIL Of note is that Gallemore's Gold momentum indicator is holding positive while the Trend Indicator (TI) is coming down with the sideways action of price. Once the TI goes below 50, the momentum will kick into the negative, and there will be a good fall, but until then the configuration is a positive. At this point in the overnights Gold is holding a 50 cent gain but the European markets are about flat. Reaction to the unemployment number…..or the reaction to the reaction will be revealing with respect to the dollar, stocks and Gold.. Note also that the CRB has broken down as the declining TI suggested it would….grains and others (except Cocoa) have declining TIs and weak price structures. Crude's and the energy complex's fall yesterday adds to the list and accounted for the break. There the TI has turned south at 75 and Momentum has already gone under zero. Close below $29.50 and the bull case for the time being would seem to be history. Yeah yeah, bring out all the reasons why that couldn't possible be so. Spell I R A Q ten times…Higher opening today, lower close below yesterday's low in Crude and the bulls will be on the defensive. Suspect things won't get carried away on the downside due to the War prospect and that energy stocks will likely continue to tract the DOW and not the commodities anyway. chartingyourfutures.com jims101