It appears Huey is making a decision that will likely come hand in hand with the broad market deciding to rise to the top line of the sym-tri. Have fun, but remember it is a play. Eh, playah?Update from Monday:
Good morning,
Today the HUI will try to negate the breakdown from the H&S we have been
following in the 60 min. time frame.
Updated chart is attached.
If this is negated, the chances of new highs are back in play. You can see
by the chart that a rise above 410 calls the H&S into question. A rise to
new highs in gold stocks would most likely come in conjunction with a rise
to new highs in the broad markets, which again, is not my favored scenario
for gold stocks as 'investments'. That is because the REAL price of gold is
not making gains. When gold outperforms everything else, then that 'real'
price adds to the sector's bottom lines. Otherwise, it is just a play in my
book. A very nice play, but what goes up together will likely go down
together eventually. Hence, as long as this condition (positive correlation
of gold stocks and broad markets) remains in force, I personally remain more
trader than investor.
