Steve Saville points out in his newsletter (speculative-investor.com) that while the gold indexes share many of the same technical indicators as previous intermediate term corrections, and therefore suggest a rally from this level, the previous corrections came after general market corrections, not before. This is an interesting point and would suggest caution in adding positions with the expectation of them becoming IT rather than ST positions. A time to be nimble.
3 charts from earlier post
Caution & nimbleness
Started by
Mike
, Apr 15 2004 11:33 AM
5 replies to this topic
#1
Posted 15 April 2004 - 11:33 AM
#2
Posted 15 April 2004 - 11:50 AM
Thanks for the tip. In looking at you charts today, (and I love that these live stockcharts keep updating in these posts) it looks like you dollar and euro channels were hit perfectly, and gold came close, so a bounce here fits well. But I agree that this bounce has to be viewed ST until proven otherwise, and I'll treat my exit strategy accordingly.
#3
Posted 15 April 2004 - 12:05 PM
sold my gold stocks today bought on this week's lows. Was a planned short term trade, so I am simply taking profits. I have no idea where gold stocks are next going....putting $ to work elsewhere until the dust settles.
#4
Posted 15 April 2004 - 01:53 PM
Got out a little early?
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
#5
Posted 15 April 2004 - 02:22 PM
#6
Posted 15 April 2004 - 06:14 PM
Mike, he assumes we're "before" a general market correction. Maybe, maybe not.