Monday Morning Thoughts from Chris
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Thank’s AL ! I now in your GUT you believe ME ! THANK’S ! BUY BUY BUY !
I saw now 182.000 GLD contracts bought at 116.15. Morning star candle stick formed in the daily chart. Possible triple botton in gold is in.
We just interview Bo Polny. Be interesting to see what you think about what he said Peter.
Dollar index is in OVERBOUGHT condition since Semptember. Is time to give up. The dollar had a similar condition before the 2008 big market crash.
Gold trimmed all the friday losses today. The botton is in.
As Doc says, it is going to be a very interesting week Peter.
Fantastic Al. I’ve been watching all the charts on the weekend and a thught some things: The dollar is overbought on the weekly chart, so thats HAVE to end; 1200 dollar/oz is unaceptable for miners companys costs; and my biggest investor is my wife because she says gold is cheap right now and she’s gonna buy some jewelry.
Perhaps the bottom is in, but are not triple bottoms exceedingly rare? I wonder if gold will just rally a bit here, and then fall and crash through $1180 and keep going down. I cannot figure out what if anything has changed in the fundamental picture to turn this bear market around and end it. Time will tell – the market will tell us.
Derek,
What do you think of Bo Polny’s commentary?
Al, Thanks. I can make very little intelligent reaction to Bo Polny’s commentary, because frankly I do not understand cycles, charts, technical analysis. I am constrained to making decisions based on fundamentals, and so I do not short-term trade and make very few trades at all. If my gold coins do not come in handy during my lifetime, then they will for my survivors someday.
I am still staying on the sideline as far as gold investments, though, because frankly I still do not see evidence that investors are worried much about inflation. I think we need inflation worries to make gold attractive as an investment.
One comment though about Bo talking about higher lows – I question whether a few dollars higher is significant. If we were talking about several percent higher for the higher lows, it would be more comfortable.
I agree with you Derek. If we can’t use it maybe the kids will be able to use it. That is my exact philosophy when it comes to gold.
I would say triple bottoms are uncommon. The stock market bottom in 2002-2003 was a triple bottom. Another uncommon bottom pattern is a V bottom. I think that the most common patterns are double bottom and what is called head and shoulders bottom.
Thanks JMiller. Remember my friend, I don’t understand technicals!
Oil is down to make the population happy and cool fore before the elections ! ALL PLANT !!!