I just got a chart from the folks over at McClellan which is thought-provoking. It shows how, if history is any guide, there are anywhere from one to three years left to gold's bullish run (and/or softness in equities):
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Do you guys remember that great E-Trade commercial from the dot.com era where the distraught trader jumps out his office window? He was on the first floor of his house and landed comfortably. I'm wondering if the market just did something similar. I've sort of felt like Ferris Bueller's sister this week with talk of "The Triangle" everywhere I turned. Yes, it resolved to the downside yesterday on a pickup in volume (some technically driven piling on was likely), but did it land on a thick, fluffy zone of support?
The following chart suggests that might be the case:
I am keeping it short tonight, but I wanted to give all of you a quick glimpse into the current short-term state of the market.