Thursday, September 18, 2008

Gold watch

I think I said $850?

Not to mention the "bear market rally"?

And for now, I'm still a bear.

1 comment:

Nick Drew said...

indeed you did, Sackers

if we are testing the 'hedge-against-bad-news' thesis, I think it holds up & the narrative would be:

a massive upsurge during the height of the case, followed by a dip when the supposed 'rescue plan' was announced, then a plateau but NOT (yet) a retreat

and if we follow Denninger, the rescue plan is a sick joke, so the market is perhaps just re-orienting itself and pausing for reflection ... awaiting the next big bad news ?

which, as you say, will surely come