I’m very bullish on the S&P in the short term because sentiment is very high and we’ve seen this pause of late lead to a tightening of the Bollinger bands. Such consolidations, especially in a market that has become so speculative, has the potential to provide a significant amount of fuel behind a move.
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But remember – the tail-end of any Cycle can be extremely dangerous. Too many traders fear missing the early part of the next rally and are burned by the declines that come with a final washout decline. The last week of any Cycle is typically the most volatile, and provides the largest price change, so I’d urge extreme caution with Gold.
That said, we covered the possibility of a final flush lower last week, and that’s what has come to pass. While we can never rule out further declines, I believe that the end of the coming week will see Gold moving higher in a new Investor Cycle!+
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