Gold, Gold Miners, and Resources

I am very short on time Sunday night, I hope to create more content Monday.

Friday was an amazing run for gold. The gold miners(GDX) had a great week, and great Friday. It was such an amazing run, I'm curious to see if the market pulls back Monday, Tuesday, Wednesday time frame. If GDX pulls back, I plan to load the boat, with stop-loss around 27-30, depending how far it pulls back.

Oil (USO) also had a GREAT run. I have plenty, but did lighten up a little in the downturn. UPDATE 2/9 - Read USO vs USL

In any event, it was nice to see a huge up day even when the market was down, and I was long positions. First time I saw that in force, and a sign, that maybe resources are ready to move.

Read Gary of the Smart Money tracker, who is once again a gold miner bull. Welcome back Gary, I never left. Gary called the top pretty accurately , and just flipped back to a bull. Huge credit that he avoided (and profited) from the pain I endured. BTW, for detailed real insight, pay for Gary's service, tell him I sent you.

Mish had a HUGE post ranting against Mr. Schiff. However buried in the rant is Mish's view of resources, being somewhat bullish. I also recommend the read.

Slope of Hope is a bull....but holding his breath for one more push down to have a nice panic to layup for the pending rally.

Like anything, scale in, scale out, so your never 100% wrong or right. See my disclaimer.

As for Monday, the most interesting thing will be to see how the markets react to the "leaking" that the British banking system was "hours" away from faulting in October. Read Market Ticker Blog for more.