From The Desk of Peter Grandich Friday December 9, 2005 10:30AM Est Gold $530
I suspect today's trading could mark a very short term top ( in this rip-roaring bull market that could literally just mean hours or a few days) as my technical work shows one of the most overbought readings in several years. Don't be alarmed!!!!!
This secular bull market has kept many "outside looking in" because it would take two steps up and one step back, which caused many pundits to think the run-up was over and prevent them from entering or causing them to exit prematurely. I've been humbled enough times not to poke fun at others misfortunes but Dennis Gartmann was the latest victim when gold broke above $500 and looked like the run was over ( but to Dennis's credit, he's no Brian Acker- lol). We should also give deserving praise to the very small minority of seer-sayers like Bill Murphy, who many thought was a loose cannon but has ended up blowing up their ship with his cannon.
The markets worldwide will begin to become thin, especially after next week so don't read too much into any moves until the after the New Year.
Please note - Our office will be closed December 17th through January 9th but if deemed necessary, I will send out special alerts.
The holiday period can be tough emotionally for some and I welcome those folks to email me at anytime. I would be only to glad to converse with you.
Peace Be With You!
Peter Grandich
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