Two of the advisors that I exchange newsletters with are warning that the January period is dangerous and may be producing a market top. We now have seven distribution days in both the S&P and the NASDAQ, and bullishness (contrary opinion) is extremely high. As far as the Averages are concerned, the only disparity is now showing in the Utility Average, which has a habit of declining months before the rest of the market. The Russell position is to stand aside and watch history develop. If danger appears, I continue to believe that it will make itself known in the pattern of the Dow Jones Averages. As for gold, the downside may now be exhausted. And as Dennis Gartman puts it, the time for shorting gold has passed. Although the time for taking new positions may not yet be here. The strengthening dollar is a negative for gold. Much is being ... Log in or subscribe to continue reading.
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