Thursday, July 28, 2011

28 July 2011

It will be interesting to see if this bottoms before the last bottom and whether or not it has a divergence with the previous index bottom.
Oversold in short term.  The only time substantially higher was during the flash crash for the beginning Greek crisis.

Gold continues to tighten its range.  It does look like it is being drawn towards the top line so although it is hard to estimate when and what value, it looks maybe around $1700 it should wrestle with it again.  I am concerned about the trendline on the bottom, but hey, maybe the deflationists will be right briefly for the second time in twelve years.

"We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
Winston Churchill

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