NEW SELL SIGNAL FOR GOLD AND PRECIOUS METAL STOCKS AND FOR BROAD MARKET

You can find this chart on Joe K. Reed's stockcharts public list.

I have added VGZ and NOT.V to my watch list. These are possible takeover candidates.


WITH THIS SELL SIGNAL I EXPERIENCED ANOTHER WHIPSAW--BUT I HAVE LEARNED TO FIGHT ON THE WINNING SIDE AND THE BEARS ARE IN CONTROL.

New buy signal for gold and gold stocks

Today I am issuing a new buy signal for Gold Stocks and for gold. See $HUI chart below for support and resistance and place your stops accordingly.

$INDU Gain In Higher Volume Yields Follow-Through Day For Stock Market

Today I issued a buy signal for the broad markets and look for a continuing correction for precious metals, oil and gas, and oil service sectors. I will sell my remaining spy puts into any rally next week.

Gold Plunges

Gold futures for April delivery fell $59, or 5.9 percent, to $945.30 an ounce on the Comex division of the New York Mercantile Exchange. That marked the biggest percentage drop for a most-active contract since June 13, 2006. The metal climbed in the previous six sessions, gaining 3.3 percent. I look for continuing correction--watching for fibonacci support and increasing volume before next buy signal. This may signal a short term shift in gold market psychology but the long term bull market remains intact.

I rolled over my spy puts into next month. Bear market continues for broad market.

New Sell Signal for Gold and Gold Stocks

Today I am issuing a new sell signal for gold mining stocks and for gold bullion. The broad market is in great danger for another massive selloff. Individual investors facing margin calls may have to liquidate their precious metal holdings. Our leading indicators MER and FCX have both given sell signals and other commodity prices including copper are limit down in overseas markets.

I don't know which major brokerage house or major bank is next but I am watching Citibank Group "C" and "UBS" for possible put options.
If gold bullion goes to a new high and $HUI follows I will reverse back to a bullish position on gold stocks.

I have added IVN and MRB to my watch list. Once this subprime liquidity crisis has bottomed I look for the junior gold stocks to "go to the moon".

On a personal note I spent the last 4 days in Las Vegas at a CME meeting but with time out for golf with friends and also a few passes at the crap table. I have the same "feeling" toward the stock market as when the dice are thrown off the table and the next roll of the dice is a "seven out". Interestingly one of the exhibitor groups was a Merrill Lynch group from Oklahoma City. Really fun people and good golfers too (and also smart enough to play customer golf and so they let me win the 25 cents skin game).

gold stocks remain on buy signal--broad market bearish

One month ago was my last buy signal for gold stocks. My favorites include auy, aem, slw, hrg.to, tgb, wgi.to, tmm.v, wsr.v, trx, txx, spm

Broad Markets in Correction

Remember our leading indicators? MER at new low. FCX and $HUI in bull markets.







With no upside leadership in sight and the risk of a third leg in the downturn increasing, the Market Pulse's outlook changes from "Rally under pressure" to "Market in correction." IBD today

I will continue to hold a basket of gold mining stocks until I receive a "sell signal"
Be very cautious out there!!!

Gold Bull Market Continues

Will the junior mining companies join this bull run? I have a new junior on my watch list. High River Gold HRG.TO http://www.hrg.ca/s/Home.asp