marcos... I haven't had much time to reply let alone think about your message, lot's of meat in it. I guess first off I'm not much for patterns, K and E wave theory don't interest me much. My whole thing with charts is to track the effect of press releases and hopefully ride momentum when it's handed to me.
So far... pre-market doesn't look so good-- I normally look at the pm stocks for direction, yet spot gold seems to be leading. Don't like that...
-- I'm also watching the price of oil, chit is hitting the fan in Venezuela-- oil and gold are now linked which is IMHO not the right reasons for gold to break out to new highs.
...and if it does it'll be temporary at best.
The lead story for this morning is, who are the new key playes in the Bush administration tream...I'm sure the announcement will be timely and the markets will rally. Gold won't fall but it ain't gonna rock yet, look for it do to so in another 2 weeks or so. Markets are normally strong this time of year-- see Zeev's post for the timelines, the weakness will correspond with war.
Regards,
Michael
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