Monday, March 10, 2008

Back to the core position

I'm using a friends computer in Kansas City and for some reason I can't get charts to upload to blogger. I'm going to sell back to my core position this morning in PM. As I've said before the final drop in the 4 year cycle low takes down everything and this will include the PM. I think we are now starting that leg down (we may even have a third leg). There where some topping signs in last weeks XAU action and the break lower from the pennant in GLD makes me think that the T1 move is over. We should get a test of the consolidation zone now before the next leg up. Hopefully I will be able to make the early flight this afternoon. If so I will have the charts in tonights update.