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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (16234)	11/18/2004 2:11:41 PM
From: orkrious	Respond to of 116555

Date: Thu Nov 18 2004 13:57 trotsky (pm stocks) ID#248269: Copyright © 2002 trotsky/Kitco Inc. All rights reserved this may seem strange, but i actually like today's action better than yesterday's. the reason is that i needed to see whether large trader money flows into pm stocks would improve on a dip, since they didn't look very good in the course of the most recent leg of the rally. and the answer is they HAVE improved, i.e the dip is generating buying interest. this does not necessarily preclude more near term weakness - but it's a sign that we're unlikely to have seen an intermediate term high just yet. Date: Thu Nov 18 2004 09:34 trotsky (Wall Street ratings and contrary opinion) ID#248269: Copyright © 2002 trotsky/Kitco Inc. All rights reserved you may recall, i mentioned a few weeks ago that back then, only about 40% of gold sector component ratings were on 'buy' - the rest were tepid 'holds' and outright 'sells'. this is a contrary indicator in sectors where a bull market obtains, since the lukewarm ratings are subject to likely upgrades AFTER a certain amount of gains has been registered. this then tends to boost the shares in question further. and sure enough, it's now happening. Salomon Smith Barney being the latest arrival on the scene and upgrading various major producer stocks. of course, the opposite is true of sectors in bear trends chock full of 'buy' ratings, like e.g. the drug stocks over the past few months.