Tuesday, February 19, 2008

GLD gapping up

This morning Gld gapped above the upper trend line of the consolidation pennant. As I've mentioned before these often form at the midpoint of a move. Remember anything can happen and this mornings gap is no guarantee that the rally will continue. But it does push the odds a little more in favor of the rally continuing. The public is just starting to take notice of gold at this time. This is what's needed for a parabolic move to finish off this intermediate move, similar to what's happening in the Platinum and Palladium markets.