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

To: Real Man who wrote (78472)	4/29/2008 9:29:52 AM
From: ajtj99	Read Replies (2) \| Respond to of 116555

If you look at the GLD chart you'll notice a H&S top that targets 72 (or about $720/oz). That's what reality is right now. The HUI has a similar set-up. Gold stocks should drop into next week near term and more later. The price of gold took off once the Fed started the easing cycle in August. Now that the cycle is ending tomorrow, gold is correcting back to reflect that. The other reality is this bounce in equities is much stronger and will likely have more staying power than most anticipated, including me. While a pullback is likely no later than next week Wednesday in the broader indices and 1412 SPX is a strong level of resistance, I'm looking for 1350 SPX as pretty decent support for the next 2-3 months and 1450 SPX as a likely target by early July. There is another possibility, and that is we make new highs. That is not my favored here, but I always like remain open to whatever scenario can unfold.