Tuesday Oct16 20127:50 AM CST
The stock market advanced yesterday while gold has now given back most of its gains since QE 3.
70% or the Time Markets Don't Go Anywhere - Famous Wall St Dictum
Talk about doing what it had to do, here is the photo. If one is still energized about a stock market rally well jump in with both feet! With the typically weak Monday out of the way stocks are up in pre market trading this morning. I had said my exit in Sept was probably early but so far it was a short term top. I theorized twice this last week that the market was quite oversold.
This is looking more like a sideways correction that got too far ahead of its MAs.
GDXJ has dropped a couple of bucks since our exit. But the dollar and bonds need to weaken to get things going here. From a short term standpoint out exit was certainly okay. GDXJ has now revisited its longer uptrend line. And it is making a higher low than before QE 3.
The market is now open and GDXJ is up, I suspect the correction from the mid
Sept high is ending now.