With futures pointing lower, I think it will be important to see whether weakness begets buying. My report contains some observations from the past week. With sentiment moving lower and some signs of technical improvement, I think excessive bearishness could be dangerous. Meanwhile, there is still time needed for more repair and healing, which prevents too much bullishness. Some more range/base building might be good for a fourth quarter or earnings season rally, even if it is just a bear market one.
I'm hearing the type of chatter and buzz about gold and silver miners that normally precedes a big move in these issues, and will be watching with keen interest how the story on them continues to develop.
Reply With Quote