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Monday, November 29, 2010

Ditto Head Returns!

Back in August of 2010, I announced my ditto head status of Gary of the Smart Money tracker. For those not looking to make money on any given month, but have a multi year time horizon, Gary is still king in my book.

But I wrote on several recent occasions that I departed from Gary, on the short term. I am very happy to say, I am back on the Gary bandwagon.

I guess I need to recant my ditto head status of Gary. I am still 100% on board with Gary over the long haul, but for the short term, I am not going to try to catch falling knives. I lost a ton last year trying to that. Lesson learned.

So while I will still resist trying to catch falling knives, Gary in private advisory service (pay for his service, it pays for itself), we are now back in sync with my call on Nov 14th for a 6 to 10 weeks for gold to pull back.

That places the near term bottom of natural resources & gold between late December and late January. Gary is currently calling for mid to late December.

So for now, I'll just sit tight, and wait for more air to come out of gold and natural resources. I'll decide later if it is time to catch falling knives into the end of the year or wait until January.

For me, it this is a bit of vindication of my departure of being a Gary ditto head, and a welcome return to his leadership. In the scheme of life, a difference of 6 to 10 weeks is a drop in the bucket. By February those who aren't Gary fans (or of me) will have their answer. By then natural resource costs, and specifically precious metals, should be back onto the upswing.

I am going to delay my weekly chart posting to Tuesday or Wednesday night, to see how the markets react to black Friday sales and Cyber Monday.

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