Friday, December 4, 2009
Bloodbath for most HF's today as the all in trade (being long stocks gold with borrowed Dollars) blew into their faces. The outside reversal which should be the likely result today might start the temp. correction and produce a buying opportunity for the final rally leg starting around mid Dec. The downside target remains at 1690/1700. Technically the bearish divergence supports a minor correction with a test of the 50 day MA as the minimum potential (1740).
Posted by getagrip at 1:01 PM