Draining the swamp is a nice thought, but the practicality of it has once again shown its ugly head last week in Washington. Believing stocks were priced for perfection (among numerous other bearish factors), I personally shorted the stock market. While I continue to hold that position, the market is oversold and due for a bounce.
The $1,250 – $1,260 area is a technical point of congestion for gold. Having broke support there after the election, it remains resistance. I’m actually encouraged its actually up this morning, knowing it’s option expiration’s today on the “Crimex” (Comex for you non-gold followers. A place where IMHO, criminal like activity has flourished in gold for years). I suspect the “Crimex” boys will get it lower today and some more backing and filling before getting safely over $1,265 would come as no surprise. But I continue to believe gold has begun it’s best secular bull market in decades.
As some of you are aware, my “team” specializes in retirement planning – THROUGH A VERY SPECIAL PROCESS THAT I/WE FEEL HAS THE ONLY LEGITIMATE OPPORTUNITY FOR SUCCESS. Americans still face a retirement crisis, in part because Wall Street still uses methods that favor greatly them over their clientele! Okay, I’m off my soapbox again-lol
I continue to believe the so-called “strong” economic recovery that we’re told is still “just around the corner”, is in fact, faltering yet again as we speak. An economic indicator that has spelled big trouble for the market is “Durable Goods Orders”. This graph screams trouble.