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Wow! Stocks continue to hang tough with perhaps some manipulation late Friday at the close to help kickstart todays big spike upward. So here we are again, $8750 (DJI) is big key test, failure here and we will then start the much needed retracement in stocks. There still is a bit of more room upwards to get to the 68% retracement band. I would definitely recommend pulling your stops up tight and maybe consider locking some more of your profits. This market movement has the feeling of a head and shoulders pattern and at the tip of the middle of the “W”. The wave extended itself from a 3 wave intermediate wave to a 5 waver. Be careful, very careful here as gold, oil, and the bond markets are all telling us the “other shoe is about to drop.
For Gold, hanging tough at this level and think we’ll see a push up into the $1000 level again as early as this week. Hi- Ho Silver! Love it! Hope you all bought (CDE) when I told you to. Even now with the 10-1 reverse definitely a long term profit machine! Keep accumulating, especially among junior and mid-tier producers. Many still selling for book or slighly above. Make sure have current or are about to begin production. I would also throw in a few explorer’s for good measure. Same thing for Oil producers, find those with decent production as they will have some very tempting takeover plays.