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Monday, August 29, 2011

Market Rally Ahead, then I fear the worst

Back on the US debt downgrade, I called for calm, to NOT dump out of equities that day, in post "Panic Day us downgrade"

The next day I posted looking for the S&P 500 to hit 1250. Hopefully we can finally move to that level now. On Monday the markets broke up higher from the range it was trading in.

Make no mistake, I am in complete fear of the two indicators of a market decline, one I pointed out yesterday, the other from back on August 10th, "Fortune telling charts".

For now its hopefully a rise above S&P 500. I don't think I can stomach another overnight drop in stocks, so if/when we cross 1250, I am going to start lightening up positions across the board except my core gold miners.

I'll post when I finally think it's time to hit it out, for if I am right, thats the last chance we will get for quite a while, maybe 8 months.

good luck!

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