BRIEF UPDATE ON GOLD AND THE BROAD STOCK MARKET (3:30 pm EST)
Well, it looks like the bears have won the standoff in the precious metals markets and the correction we'd been anticipating for the last few weeks appears to be kicking in. We now watch to see how low the correction will go - it could be considerable. This is good news for our gold short positions, and we may even reinstate our silver shorts next week (if a strong sell signal appears) as this correction in the metals could be extensive.
The broad stock market continues to look very bullish this week with the DOW rising over 270 points. Interestingly, the NASDAQ (especially NASDAQ futures) did not appear as bullish and technical analysis of the NASDAQ charts continues to show some bearish attributes which should make us a little cautious. Cycle and timing analysis also indicate a likely correction now, so we will continue to wait before going long in this market.
Well, it looks like the bears have won the standoff in the precious metals markets and the correction we'd been anticipating for the last few weeks appears to be kicking in. We now watch to see how low the correction will go - it could be considerable. This is good news for our gold short positions, and we may even reinstate our silver shorts next week (if a strong sell signal appears) as this correction in the metals could be extensive.
The broad stock market continues to look very bullish this week with the DOW rising over 270 points. Interestingly, the NASDAQ (especially NASDAQ futures) did not appear as bullish and technical analysis of the NASDAQ charts continues to show some bearish attributes which should make us a little cautious. Cycle and timing analysis also indicate a likely correction now, so we will continue to wait before going long in this market.
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