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

To: jimsioi who wrote (26242)	1/22/2003 6:57:03 AM
From: longdong_63	Respond to of 36161

jims..A correction is a possibility...I don't doubt you there. However.."I mean look at 1991". I did..and the set of circumstances were much different at the onset of the Gulf War versus now. The indices were deeply oversold in 1991 versus very overbought now. We were in a bull market then and a bear market now. The price action on PM's has been suspect but I don't see big distribution so far but rather flat wait and see action. Everyone is looking for a tank job on the 27th as the excuse no matter what the verdict is. However, HUI stochastics on the dailies have reset as in the PM's as well. Until proven otherwise, I'll be in the long camp with a stop in place in the event I'm wrong. Both sides of the argument have merit here. Appreciate your insight jim! Love your informative posts bro.

To: jimsioi who wrote (26242)	1/22/2003 7:40:32 AM
From: Louis V. Lambrecht	Read Replies (2) \| Respond to of 36161

jims101 - I reckon gold is due for a correction. Unless we print 362.5-363 intraday, I still have a bearish wedge with a target of -$15. $363 would draw an uypward channel, also $15 wide, so I can expect volatility. However, I have more compelling targets of: Dollar index 96.5 and EUR/USD 1.1 one or two weeks from here. Roughly 4.5%. Should gold only rise 3%, we would print $370. Hence, my view is: we have a step-up revaluation of the PoG. 330-350-380- then no resist. Happens sometimes, most usually on small caps pump and dump schemes, but also on legit moves as BAY last year I incorrectly evaluated (Hello Claude). Pre-requisite: print $362.5-363 today, tomorrow latest. Or, take the wedgie correction $337ish. I am more confident on the currencies trend.