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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
Monday, October 3, 2011
Crude Oil bear SCO unloaded...
The primary job of the bear positions in crude oil, O&G services, QQQ, SPY, base metals and even silver has been to protect the gold stocks from panicked liquidators. NFTRH155 had a lot to say about the risk (or lack thereof) vs. reward in gold and silver now that the unhealthy sentiment profile has been bled out. Other areas have technical issues and lower targets, but the sentiment profile in commodities and broad markets is supportive of a coming bottom of some kind as well.
I think it is time to take another good profit in SCO and then evaluate. If all goes according to plan, I will be short-free some time in October.