Our proprietary cycle indicator is down.
We have a set up to short GLD with tight stops.
We have a non confirmation this week as prices made a new
high while indicator made a lower high.
Summary
A bull market in gold and silver has been confirmed, but no bull market is
sustainable on a nonstop price spike, therefore, it is not if but when a
correction will begin. Bull market corrections can be very sharp but short
lived, therefore, the next cycle bottom could be an excellent entry point.
Meanwhile we have a set up to short GLD with tight stops.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko
Exploration, in 1979, and has been active in the markets for the past 37
years. Technical analysis has helped him filter out the noise and focus on
the when, and leave the why to the fundamental analysts. His proprietary
trading models have enabled him to identify the NASDAQ top in 2000, the new
gold bull market in 2001, the stock market top in 2007, and the U.S. dollar
bottom in 2011.
Disclosure:1) Statements and opinions expressed are
the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack
Chan is wholly responsible for the validity of the statements. Streetwise
Reports was not involved in any aspect of the article preparation or editing
so the author could speak independently about the sector. The author was not
paid by Streetwise Reports LLC for this article. Streetwise Reports was not
paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is
encouraged to consult with his or her individual financial professional and
any action a reader takes as a result of information presented here is his or
her own responsibility. By opening this page, each reader accepts and agrees
to Streetwise Reports' terms of use and full legal disclaimer. This article is not
a solicitation for investment. Streetwise Reports does not render general or
specific investment advice and the information on Streetwise Reports should
not be considered a recommendation to buy or sell any security. Streetwise
Reports does not endorse or recommend the business, products, services or
securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers,
employees or members of their families, as well as persons interviewed for
articles and interviews on the site, may have a long or short position in
securities mentioned. Directors, officers, employees or members of their
families are prohibited from making purchases and/or sales of those
securities in the open market or otherwise during the up-to-four-week
interval from the time of the interview/article until after it publishes.
Charts courtesy of Jack Chan
