Zeev's Turnips Patch-No Politics (ZEEV)

[Bullwinkle]

Hey Zeev,

I guess the market action had not quite settled down yet when I drew up those charts at 1pm (20min delay, not real-time or something to that effect). Plus I was at work when I drew those, had to be quick about it. The download times are much faster through the company intranet than my own, so I like to take advantage of it when I can. Next time I will wait until 1:30pm to make sure the action has settled, but to answer your questions:

<you think it is a double bottom or a failed double bottom that will continue with gold getting around $350?>
I think lower highs and lower lows will continue, a stair step action down to the 350-360 level. So yes, failed double bottom.

On the Naz I see the double bottom holding and a rise next week. I believe either the Semi's and/or Bellwethers such as CSCO, INTC and maybe even MSFT will lead the charge... FWIW

<Since you are pointing to a possible double top on $TYX, I presume you are assuming dollar strength may abate if rates retreat a little here>
No, I believe we are seeing a triple top which will resolve to more upside in the $TYX, therefore rates continue to rise with or without the Fed. If rates continue to rise, dollar continues to strengthen and gold continues to sink.