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Gold/Mining/Energy : STOCK MARKET CRASH....CONTEST! -- Ignore unavailable to you. Want to Upgrade?

To: Bo Bob Brain who wrote (138)	5/19/1998 6:15:00 PM
From: Alan Whirlwind	Read Replies (1) \| Respond to of 163

Back below 9000 tomorrow. Turmoil in the metals could just be ready to abate. I can't see silver giving up its entire advance post-Buffett. --Al

To: Bo Bob Brain who wrote (138)	5/25/1998 6:14:00 PM
From: Bo Bob Brain	Read Replies (2) \| Respond to of 163

Can't get excited about the stock market until it closes above 1135 in the S&P. That's where we have a down trend line. Take the April 6 high and connect it to the high of April 22, then connect it to the high of May 4, and we have a trend line with 3 points. Until we break that trend line, we're just going back and forth in the market. Should we break the trend line, then expect a breakout to the upside which could be the way we're going to resolve this triangle that is being set up in this market. Expect one more high above the S&P high of 1142.30 from April 6. This should take us to around 10,000 on the Dow and 1170 in the S&P. At that point, all bets are off. Then we have to see what's going to happen. Will we go into an ABC correction, or are we going to start 5 waves to the downside? Any rallies in gold look are selling opportunities. We could rally to $304-$306. Gold reached $303.40 on May 15 and came right back down. Should break the $295.90 low and test $290-$293. August gold closed at $302.50. Resistance is at $305.80. Next support at $301.30 then $298.10. Silver is in a strong seasonal downtrend, but could be due for a choppy bounce up to $5.60- $5.70. "Sell July silver from May 21 through June 28. Thirteen out of fifteen years silver has gone down, or 87% of the time." This is according to Brain's Book of Seasonal Tendencies. Silver closed at $5.25. support is at the contract low of $5.165. There is a gap on the charts at $5.49 - $5.55, that is the next resistance area. Platinum closed down $26.20 last week at $378.70. Platinum could make a low $20 - $30 above gold. The ratio between platinum and gold should come much closer. Next support is at $368.50 with resistance at $392- $400. Looking at the bigger picture: gold, silver, crude oil, grains, all are expected to bottom out in June. That's the way the cycles and wave counts are setting up. That's the way the technical and fundamental indicators are looking. Usually these markets move opposite to what the stock market is doing. That also fits into the bigger picture where a new high in stocks is expected. Once we get to those points then we could begin reversing. This could happen during the middle to the end of June.