Monday, March 23, 2009

Gold's Bearish, Stock Market's ???; March 23, 2009

Gold sold off near the close of today's US session and should mark the beginning of a significant decline to at least the $880 level. The stock market obviously did not decline like I thought it would but today's fierce rally was on strong breadth and technicals which strongly suggests that this market has formed a significant bottom (S&P 666 cash) and is in a major rally phase. It's too late to chase this rally on the long side so I'll wait for some significant pull back to get in long.

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