Another final push in the Dow should mark the top of this bear-market rally's strength. Once the next major leg down in the market resumes, expect it to be strong and swift as all of the positive sentiment built since March 2009 quickly unwinds and becomes negative.
As per gold, the downtrend correction could take it as high as $1180 before a resumption of the major downtrend should eventually carry gold to around the $650/oz mark. Silver should also continue its downtrend within the next several trading days. The rapid near-$.40 spike intraday today could have marked the top for this correction. The major trend is down and we suggest trading with the trend - treat corrections as opportunities for entry points. We are not short any silver but are excited for the market low to accumulate the metal on the cheap and pick up some top producers at depressed price levels. We will keep you posted on our top pics as their price becomes attractive.
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Wednesday, January 13, 2010
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