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

To: Cogito Ergo Sum who wrote (28059)	2/12/2003 6:56:13 PM
From: Fitz	Respond to of 36161

=========================================================================== Re: Wednesday, February 12, 2003 Sell-off today did not alter structure of long-term bull market Author: Jim Sinclair =========================================================================== The recent sell-off from the high in gold has not, in my opinion, altered the structure of this long-term bull market in gold. Gold has always, and will continue to be, a market with supply/demand skirmishes between titanic forces with vested interests in the resulting price. The almost straight up action of gold, followed by a similar reaction, has all the earmarks of a forced short cover. The word in the marketplace is that we have just witnessed our first derivative unwrap and market cover. I expect this reaction to end either at the low today or $340-$343 or the next Fibonacci support level outlined in the chart below. As Harry Schultz said recently: "We have two choices when we experience such declines. To be disappointed with the market or as the Asian/Islamic interests see it: 'as an opportunity.'" Personally, I see it as an opportunity that carries two important messages: a. Trading now must be less often. I am going in on days like today and will supply angles of ascent as we witnessed on the first move out of the Golden Teacup formation. b. We are going into a gold market with unprecedented volatility which usually means the market is going to new all-time highs. That is actually somewhat unnerving in its implications. Conversations with the gold pros: KA noted: "Surprisingly, silver lost none of its long-term internal strength on this decline, even though it failed to get through the $498-$512 over-head resistance. MM noted: "The pure gold company shareholders said NO today to being stampeded. That looks promising." Click on the following link to view full editorial including associated chart: jsmineset.com =========================================================================== Copyright (c) 2002 JIM SINCLAIR'S MINESET () All rights reserved. For more information visit our website at jsmineset.com or send mailto:tnxinvestor@tanrange.com Message sent on Wed Feb 12, 2003 at 3:26:42 PM Pacific Time =======================================================