bottoming
#21
Posted 23 May 2011 - 09:32 AM
#22
Posted 23 May 2011 - 11:21 AM
#23
Posted 23 May 2011 - 11:34 AM
#24
Posted 23 May 2011 - 11:51 AM
Edited by alysomji, 23 May 2011 - 11:52 AM.
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
#25
Posted 23 May 2011 - 12:04 PM
I think we will see gold below $1300 later this summer.
The question is, is the current rally off the Jan. low at $1309 over yet? Until price accepts below $1462, I would suggest no - especially with bullish sentiment already falling as much as it has. That leads me to believe gold will at least re-test if not break above $1575 to conclude this rally (perhaps at $1600-1625, for example) as long as price does not accept below $1462.
Senor, if you are bearish on gold right here (I'm not talking about several weeks from here, but right at this moment), then you should know that there many on your side - which should make you uncomfortable.
IMO whether gold rallies to one more new high or not it immaterial to me, as I have said before stock market will take a big hit as deflationary wave begins from now thru summer into Fall, mining stocks will get taken down with market, HUI to low 430's is a minimum IMO.
NO BS
Senor
I think you're at least a few weeks early.
There will be a deflation scare, I think, probably beginning in the mid-June to mid-July time frame, that I expect US stocks and commodities, including gold, to get hit fairly hard by going into late summer and perhaps early fall.
The Dollar is getting ready to do a retrace of its recent rally off the low at 72.69, IMHO, and I think it will be a 62-100% retrace and last at least a couple of weeks. I'm looking for a new high in gold before the Dollar can rally much further than it has, in other words. I expect a new high in US stocks for the year as well, and think the gold miners could do well here.
Of course, if there is acceptance in gold below $1462, then all bets are off.
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
#26
Posted 23 May 2011 - 07:50 PM
so Senor: you are ruling out one more high for broad markets, and now moves higher in here for miners?You are short then right?
ruling out uno more Dow high? No, it is possible Dow goes up one more time, I have done some bueno trading on the short side in the miner's using Dust and it's worked out well. My main positions are in EUO double short Euro and YCS double short Yen, muy happy with those.
NO BS
Senor
#27
Posted 23 May 2011 - 09:28 PM
#28
Posted 23 May 2011 - 10:41 PM
thanks
gold: yen looks bullish
whatever you say amigo, Yen does not look bullish to Senor, gold will probably hold up best of all commods but still correct this summer
BSing away
Senor
#29
Posted 23 May 2011 - 11:09 PM
#30
Posted 24 May 2011 - 07:08 AM
that was gold:yen
it is a ratio
LOL, my apologies, I'm getting to be an old hombre
NO BS
Senor