GOLDBUGS AMEX Goldbugs Index (GOLD)

[CaribbeanJim]

This is definitely a oil/commodities driven bounce for stocks in US, Germany, and Nikkei. The week that oil/commodities peaked, stocks took off.

We should see a continuation of this trend at least for a couple more weeks. The average bear market bounce lasts 8 weeks. The first level of support for oil is at $110, then stronger support at $100. This would mean physical gold and silver has further to fall. My guess is a major bottom will be in place in the next couple weeks as this is very much emotionally driven... fundamentals have been thrown out the window.



Jan 4 - We have transitioned into a bear market. Completely different rules apply.
May 23 - IMO, any price at/above this close makes a great Nasdaq/SP500 short.