Tuesday, December 18, 2007

2b reversal in the BKX

I think we saw a very important event happen today in the form of a 2b reversal in the BKX. Very often these 2b reversals will signal the exact turning point of a trend change. If this holds then the selling pressure could be lifted from the market. Until the Nov. lows are broken or the COT turns short I'll have to go back to a bullish stance. This could be a very short bullish position if the BKX quickly breaks down again but for now bullish. While I'm not in any big hurry to buy the general market I think it's probably about time to get back on the precious metal bull. I'll elaborate in today's daily update.