U.S. Stock Market – As noted in my interview with George on Friday, the fact that the market didn’t sell off after the unemployment report was very bullish and my belief was the path of least resistance is up. While some technical charts were/are bearish, some sentiment indicators are very bullish.Individual investor polls of late showed widespread bearishness. I continue to believe the mini melt-up I’ve spoken about from a 1,000 DJIA points lower continues to unfold. I wait with bated breadth for DJIA 10,500 – 11,000.
Gold – What can I say that I haven’t said already? The J__ N_____ of the world continue to be wrong, wrong, wrong and are the best contrarian indicators money can’t buy. Sure, somewhere out there is consolidation and a correction but as I’ve constantly stated since just above $300, staying long and strong is the best course of action when it comes to gold. Despite one new record nominal high in gold after another, the mood around gold is subdue and the badly beaten up bears continue to be the main voices heard crying wolf to the media. Thankfully, we’ve saw through their empty and wrong views and have sang the following to every line in the sand top they’ve predicted at round number from $400 up to now.
U.S. Dollar – Despite historically low bullish sentiment indicators, terminally ill Uncle Sam can’t even muster up a technical bear market rally. Once again it’s getting slaughtered in the Forex markets. The long-term downtrend remains intact and a test of the low 70s appears in sight.
Special Note - I’ve been truly blessed to enjoy a sports fan dream of dreams by being around professional athletes. I’m always asked who’s your favorite? When it comes to pure fun, a million laughs and being around the biggest heart, one name comes to mind – ex-boxing great Gerry Cooney. You could put Gerry in a room with two groups who hate each other, lock the door and come back in two hours to hear them carrying Gerry around singing for he’s a jolly-good fellow. This is an excellent interview of Gerry.
Tags: gerry cooney
Peter,
Several of the companies [ Nevsun & Sunridge come to mind] that you are following are in areas associated with considerable “country” risk of violence,political upheavals & other less than favorable business climate issues. Other companies such as Taseko have properties in Canada where many of these risks or nil or not substantial. Going forward , what are your feelings toward these risks. Many of us were burned badly several years ago by Venezuela’s takeover & malfeasance toward several Canadian companies.
Thanks,
BILL
Sold the remainder of my 25K share NAK rolling block at $7.35 avg. this morning. $11K profit in 2 weeks…that works for me. I’ll be rolling in again at $6.85 should it work its way back down. Of course, should it decide to work its way up towards double digits, that will be fine too!
Naktotenbucks….congratulations! That is quite a track record. Glad to hear it….only wish I had done the same thing but alas it was not to be.