Gold: :Point and Counterpoint: Bear Trader Writes

"Bear Trader Writes: SPX has held at support so far, both the 50 Day EMA and the Charles Dow style rising trend line, at 1541. Slow Stochastic reads "sell". Momentum indicators are very weak. Myself, I would wait until Halloween. Turbulence ahead, the options boys will do well. I mean, you and I hold overnight which makes us "buy and hold" people nowadays. Trends are hard to spot. NEM and ABX are up yesterday and today on considerably lower volume after being down on much higher volume. Two days does not make a trend. More like five. NEM - my best guess is sell at 36 stop at 32 until technicals become clearer. My guess is 75% you wouldn't lose money (not including commissions). Currently very oversold. ABX - my guess is sell at 22 stop at 17 until technicals become clearer. 75% confidence as above. Very, very oversold. Wall Street Journal recent article said stay away from miners. There is recent bad press about Barrick. I think this is bullish. On Fri, Apr 19, 2013 at 11:56 AM, Richard Woulfe wrote: Bear Trader--- All the reasons I have heard why gold has plunged are looney...at these levels, such as NEM, and ABX it seems like a little bit would be ok... what do you think? We are in a little SPX bounce today---if holds above 1541, then there could be the argument that it still is in the "up" channel. However, from years of summer trading on Wall Street, I have a bent to be away....and stay away till the weather cools, ----how do you see it? wolfman