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feddupwithnitwit

08/24/10 11:10 PM

#19951 RE: Chrion #19950

Chri, I'm sitting tight till the revised GDP number is released on Friday. The new home sales numbers released this morning were a disaster and they're expecting the GDP to be revised down from 2.4% growth to 1.4%. The market is factoring it in right now. Just watch, they'll report 1.5% and the Dow will go up 300 and screw the shorts AGAIN.
Gold looks ready for a pullback any day. Nice headfake this morning and then a $25 reversal in less than 2 hours. I'll be surprised if it gets up above 1240 before retreating for at least a couple of weeks. Don't know if anybody noticed but silver was up big this morning while gold was doing it's little headfake thing down.
Gotta love this one day comparison chart >> http://finance.yahoo.com/q/bc?s=GLD&t=1d&l=on&z=l&q=l&c=slv
But then looking at the 5-day, it puts it into perspective...
http://finance.yahoo.com/q/bc?s=GLD&t=5d&l=on&z=l&q=l&c=slv
Silver got crushed relative to gold last Friday. Today it played catch up.
I'm kinda hoping for that pullback now because I think Sept/Oct things are going to heat up and get real interesting.
I'm expecting the metals and miners to catch fire going into year end. And with a little luck, so will ITRO!