OT to K-G: I'd still hold tight in here, especially after today's rally. I'm still convinced that we're heading lower over the next two weeks. The volatility indexes (VIX and VXO) are still too low to form the basis for another leg of the rally. The S&P has to drop below so-called important support levels that various analysts say exists between 850 and 870 on the S&P. We'll probably get one or two high volume down days very soon that will trigger programmed sells and take out stop loss orders...at that point the intraday S&P might approach 800 before closing somewhere between 830 and 850. That will be the day to jump back in heavily on equities. Two exceptions that can be purchased now.....natural gas (UNG) and precious metals (SLV, GDX, etc). Nat gas has been so beaten down lately that it's bound to rally from here. It will easily double by winter. And the precious metal equities like GDX have already had their 20-25% correction, so further potential for downside movement is limited. I think gold has a pretty strong support level in this $900-$925 range and will move up strongly from here to take out the previous highs. I see gold going to $1075 (at least) before another consolidation, and then a further rally to at least $1200, and perhaps eventually higher by fall. The longer gold consolidates in here the higher the potential rise in mining equities like GDX, which is currently undervalued compared to the price of gold when you look at it in historical terms. Happy hunting.
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