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fib_1618

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Reply with quote  #1 
With last week's cumulative breadth numbers building bull divergence, it looks like we're getting a good break out in the metals and the PM stocks to the upside today, so I have initiated new positions in this sector.

The HUI and XAU component charts can be seen over on the Technical Watch Precious Metals page at http://www.technicalwatch.com/metals.htm where you can get a feel of which stocks are leading at this juncture. I actually went with KGC after briefly reviewing this page as well as a couple of others not shown there.

The way things are going right now, the next couple of months are going to provide some very useful information as it would pertain to exactly how much liquidity there's available for the financial markets to work with moving into 2007, and so being, how high "high" might be for the equity markets overall.

Fib













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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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fib_1618

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Reply with quote  #2 
Well, it looks like a busted trade on this one where I should have probably waited for an extra day of follow through on the price action before committing.

Below is an update of the PM cumulative A/D chart showing the strong technical breakdown over the last couple of days.

I will be looking to exit my open precious metals positions on what should be the obligatory A/D snapback to what was prior support, while at the same time, gold itself moving back to or towards the $620 level - with any further weakness from these levels forcing me to close out with extended losses.

Fib




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Dave's LinkedIn Profile

Technical Watch Twitter Page

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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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