Robert McHugh of mainline investors, as well as Elliot Wave International are calling for a market top close at hand.
Gary of the smart money tracker is calling for a correction, but not a market top. Gold and gold miners according to Gary, are on the verge of a market breakout to the upside.
While I agree with McHugh and Elliot wave the market is nearing a top, I believe they are wrong on the timing. I agree with Gary on this one, but yet disagree with Gary that we will see a parabolic swing with stock market making new highs.
In any event, point is, everyone has an opinion, but no one knows exactly what is going to occur. I think that gold and gold miners are going to explode upward for one simple reason: It is the last bubble that can be easily blown to help keep market indexes stay near current levels. The only question in my mind is, how far can they blow this bubble.
The US dollar is being sacrificed for short term equity gains. This trick will run out of room. When the dollar makes new lows, THEN we'll see who is right, Gary, my friend John, McHugh and Elliot, or maybe none of the above. :)
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