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> We're looking for a 21-22% decline. I'm just not sure whether or not this
> will be the whole move or the first leg of a longer move down. We've
> already dropped approx. 10%. Will be looking at some longer term numbers
> and maybe tea leaves :) .
>
> Regards
>
> Guy
I too am looking hard at where we might be going.
We are, as others have stated, at a strong support level. *Historically*
when the market hit these levels it would bounce up from the 200 day MA and
head back up.
However, I am not yet ready to jump in.
My short terms outlook is that we could go up from here only to be turned
back for a re-test of the current support line.
I have been hesitant to buy either long or short the S&P at this point.
Are things really different this time?
I am seriously looking at the XAU. I see a possible great buying
opportunity in intermediate size mining companies especially if the XAU
drops significantly from here. It seems the US$ will have to, at the very
least, top out and start a significant reversal for this to happen.
Anyone else starting to watch this?
James Wolf
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