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Sunday, October 01, 2006 8:58:22 PM
I'm of the opinion that we'll see another pullback-- regarding gold, it'll happen fast ... it'll break through support at the 200-day MA but I'm betting it won't go any lower than $580 giving us a possible 1-2-3 bottom.
...and I'm thinking the same thing with oil-- possible return to $60 before giving us a sharp rally that blows the shirts off the shorts.
Anyway, extremely difficult market to play-- most commodities that I follow are tenaciously holding onto the 200-day MA causing both the bulls and the bears a pile of grief.
The chart below is a good illustration:
...and I'm thinking the same thing with oil-- possible return to $60 before giving us a sharp rally that blows the shirts off the shorts.
Anyway, extremely difficult market to play-- most commodities that I follow are tenaciously holding onto the 200-day MA causing both the bulls and the bears a pile of grief.
The chart below is a good illustration:
FP........................................................
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