The Gartman Letter, understandably pleased with yesterday's very abrupt sell decision, suggests gold will retreat to the uptrend line at $1,340-$1350:
“…sometime in the course of the next two or three weeks…We'll be buyers there.”
Gartman changes his stance often enough to function as a decent contrary indicator for a fade, unlike Nadler from Kitco who seems almost always wrong and therefore useless for anything but a coat rack.
This is a conventional view from Dennis. Gold and silver have run high and into resistance. He could be right. He seems to occasionally signal from the hedge funds as to certain intentions floating about. They will need a break in the drumbeat of townspeople carry pitchforks and torches however.
The action in the equity markets today was not constructive to a bullish view, but not decidedly bearish yet either.
Lets see how the geopolitical situation plays out in the Middle East, and particularly in Libya and parts east of there, especially the Sinai peninsula.
I took most of my trades from yesterday off the table, covering the index shorts especially financials, and selling many of the miners picked up on the dips. Kept a little of both with a bias to bullion over miners, although I did dabble in miners enough to take a stock short forward as a hedge.
Blythe, I'm trying to help, but its time to 'fess up, and give it up.
Stick to sugar, sugar. When you are on the wrong side, silver hurts.
