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Monday, August 20, 2012

Market Patterns work until they dont

Back on August 9th, I posted about a Market Pattern.  The indication was market was likely to swing lower before resuming higher.  Instead the market just simply went higher.

It's very tough call on what is best from here.  I am still skittish to be heavy into gold miners, for the market has gone up nicely, and I am expecting a pullback.

But in bull markets sometimes the pullback doesn't happen.  Needless to say if GDX and GDXJ make a nice  pull back to 5% to 10% lower from current, I'll be adding more.

Then again, I may write later in the week that the train seems to keep on going and I'll buy more in anyway.
For those holding long term, just add over time and average costs.

I wont bother with charts etc, today.  Maybe after Monday's action.

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