Replies to post #121982 on Zeev's Turnips Patch-No Politics (ZEEV)

[Ace Hanlon]

Thanks for posting that Roach piece!

POG getting pounded, gold stocks weaker, but still holding up very well.

Against this positive divergence gold continues to trade poorly versus the buck -- POG gets wacked every time the buck has a decent bounce.

I still think all we building a base for a big move up in both POG and the gold stocks. But clearly the gold complex is not going to rally hard until gold starts to trade much better against the dollar -- essentially ignoring bounces in the buck.

[Ace Hanlon]

Thanks for posting that Roach piece!

POG getting pounded, gold stocks weaker, but still holding up very well.

Against this positive divergence gold continues to trade poorly versus the buck -- POG gets wacked every time the buck has a decent bounce.

I still think all we building a base for a big move up in both POG and the gold stocks. But clearly the gold complex is not going to rally hard until gold starts to trade much better against the dollar -- essentially ignoring bounces in the buck.

[jrintl]

Roach is a wise, old Dad in a room of a bunch of pre-pubscent silly kids..

[mlsoft]

Dan...

As always, thanks for sharing your Roach <gg>. That was one of his better reads, and I agree with everything he said - pretty much what I have been saying, but he writes better.

I closed out my JNPR and TER shorts this morning for just over a buck each and decided to take some time off, not returning until about an hour before the close. Must have been an interesting day. Other than the golds, the only position I have left is the MU short.

Some pretty good selling in the larger cap golds this afternoon, and I tend to think some of it was option related with an assist from the pounding of the metal itself. I said last night that with spot gold and the futures back in the low to mid $360's they might take it down again, and sure enough they did. Sooner or later, I still think they will get run over, but I have no idea when that will be. I started to add to GG on the close but I never saw anything that made me think that the selling was over, so I decided to wait. BGO was a hero again today.

It would not surprise me to see some sideways action or a little strength in the markets into the FOMC meeting, then a more serious effort to take on Greenspan and his Gambit after that.

We shall see.

Thanks again for posting Roach.

mlsoft