Late notes -- the Dow crept up higher, moving ever closer to the melt-up that I’ve been predicting. Yesterday’s Wall Street Journal carried a front-page story about retail buyers coming optimistically into the market again. I expect the retail entrance to the market to reach flood tide buy-in sometime within the next year. At the same time, distribution levels are increasing providing evidence that institutions are leaving this market. The latest count is six distribution days on the NASDAQ and four on the S&P 500. Thus I believe we are approaching an historic period where funds travel from institutional hands to the retail public.
The gold base continues to enlarge, and pessimism toward goal is comparable to that which you see at a bear market bottom. In the meantime, bullion creeps imperceptibly higher.
China is clearly on a new path which will result in a bulging population and a pull-back on its ... Log in or subscribe to continue reading.
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