U.S. Stock Market – Starting to see some serious long-term technical damage. Not surprised since my cyclical high for June/July has now passed. While I continue to not look for a melt-down, we finally have conditions set that can allow a very significant retreat. The economy is tanking again and with fall elections now becoming a daily topic, the “Don’t Worry, Be Happy” crowd appear out of bullets.
U.S. Bonds – While I wouldn’t touch any maturity over two years, I also wouldn’t go short any time soon.
Gold – What can I say that I haven’t said already? The belief we’re in the “mother” of all bull markets should be enough to know where I stand. The fact that I beg listeners when it comes to gold not to listen to people like “Tokyo Rose”. always wrong Kaplan, king flip-flopper Gartman, and one day I’ll be right Prechter, should be enough evidence that I remain a screaming bull on gold.
We’ll soon have seasonal weakness behind us and enjoying the two most favorable months for gold.
A close above $1,210 and then above $1,220 should remove all lingering technical concerns and set us up for a nice run-up this fall. Again, I remind you we’re in the “best ever” gold bull market in history.
U.S. Dollar – As noted last week, a countertrend rally from a very oversold condition has indeed occurred. But don’t blink as this is not some renewed dollar rally but just a blip up in a secular bear market.
I continue to have no interest long or short for oil and natural gas.
Ed Note: Peter talks about the “two most favorable Months for Gold”. You might also want to read this article on that subject – Gold: Best Months JUST Ahead!
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On Major Moves, Peter Grandich has been very right and not only saved many investors fortunes, but expanded them dramatically. On November 3, 2007 at the MoneyTalks Survival Conference, Peter Grandich of the Grandich Letter warned that “an unprecedented economic tsunami will hit American beginning in 2008”. Peter advised publicly to short the US market two days from the top in October, 2007 and stayed short until the last week of October, 2008. He began to buy stocks in March 7th, 2009. He also bought oil and oil related investments near the lows after the dive from $147.
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