Earlier today, when I posted about how great my gold shorts were doing, SnPMonster asked what my technical reasons were. I hurriedly said I didn't have time.
Some people might have interpreted this as meaning (a) I didn't have good technical reasons; or (b) I had no idea what I was doing. If nothing else, I didn't mean to be rude about it; I honestly didn't have the time.
I will say, however, that looking at these charts of gold (the commodity itself) and $HUI, I am very comfortable with my bearish position. I've reconsidered how low gold might go; it might only get to the low- to mid-700s; the high 600s is a bit more of a stretch.
The main point I want to make is that, although I'm a pure technician, I'm a terribly simple-minded one. My methods are very elementary. I just try to use them very, very well. So don't mistake the lack of fifty indicators as a lack of knowledge. I simply think the vast majority of technicians confuse complexity with competence.
