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Richard's Remarks


Yesterday's action was a decent follow up in good price action of the market as a whole. On Wednesday the NASDAQ dropped less than .3% on lower volume. The S&P backed off .1% after hitting an intra-day, all-time record high. Breadth on the NYSE was actually positive. Investors Business Daily's tally of bulls and bears showed bulls at 58% and bears at 17%, which is reasonable.


Thursday's market started out a bit ragged, with the Dow up 18 and Transports down a fraction. The NASDAQ was up 14 while the S&P was a bit higher.


Spot gold was down $1.50 to a 1257 bid, and it looks increasingly as though gold is heading for a low for the move in July. I want to buy more physical gold, but I am going to wait for July on the thesis that the bear market in gold may end in July.


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