Replies to post #64238 on SPDR S&P 500 (SPY)

[MetalFillBoy]

Hey Foot!

Here is a beaut of a inverse H&S pattern, but not sure how it is going to play out if GLD is looking to make another leg down. Take a look at $USD; it looks ready to make another leg up. Going to be watching this one closely; may buy a small position in GDX as it seems to be following stocks closer than gold itself.

But as my favorite saying goes: I could be wrong, but . . .

Hope your NAR national convention went well today.

Enjoy the rest of your weekend!

[DiscoverGold]

He doesn't provide much of an explanation for his change of direction since his last call on 10/11/2008:

"When viewed from a weekly chart perspective, Friday's $5 (6%) decline feels worse than it looks. In fact, based on the weekly chart, current weakness represents a relatively minor pullback within a much larger dominant intermediate-term uptrend.

Be that as it may, the pain of the decline is palpable, but if I use my best efforts to remain objective, I still come to the conclusion that the GLD is "killing time" ahead of another upleg within the 2005-08 underlying bull trend."

This was his chart at that time:



Nothing should take the place of your own common sense and due diligence. Banks continue to short Gold and Silver in more numbers then usual, as of 11/7/08.

George.

[stockoptionan]

FOOT-I think monday will be a good day to buy a 10% of a positionin in abx.alex