|Written by L.A. Little|
|Thursday, 06 September 2007 04:39|
We have a light volume push higher in gold shares ... OK, but some of them are breaking out here. The metal itself has broken out above $700.
We had early strength, then pressure, now strength again in equities in general. OK. Short covering again?
Oil is trying to break topside at $77 per barrel. OK, but wouldn't that be a negative for the general markets along with gold breaking out?
What we have is confusion, plain and simple. I think most trades, like me, are a bit tired of this flip-flopping market where a trend barely lasts a week at most, usual a couple of days. You have to be very nimble and pay for a lot of trades if you want to stay out of trouble and in the end its a wash at best.
I don't believe the strength I'm seeing here anymore than I believe that rising oil and gold are good for the market.