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Thursday, June 08, 2006

Don't panic

Big boom, big bust. You can't have a huge move like the one to 725 without a correction. I expect AU to fall to around 540, and AG to drop to 9.50 over the next month or two. That's a reasonable point to jump in again, the mere fact that there are advertisements on WND encouraging people to buy in now at 680 - which is already 620 - is a contrarian indication that it's too early to buy.

Jamie, do you recognize a turning point yet? I readily concede that you've smoked me over the last 18 months, but the charts sure look rather grim these days. The Wonder from Down Under makes an important point about psychology well worth reading for anyone regardless of their bearish or bullish instincts.

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