The broad averages finished the week with a pre-holiday rally that was all but ordained, but it remains to be seen whether the uptrend will mutate into a full-blown short-squeeze next week. Meanwhile, gold prices firmed after a weak opening, achieving little net gain for the day. We have a hunch that both will trend lower over the near term, although, as mentioned in Friday's Touts, we're willing to reconsider the mildly bearish picture for gold over the near term if the June contract, currently trading around $651, can muster a run-up to at least 664.50. That number has significance for hidden-pivot traders alone, but its breach by no later than next Wednesday would likely suffice to end the correction from $732 that will soon enter its fourth week. Whatever happens over the next 7-10 days, we know at least one gold bug who's not about to become anxious or impatient. We are referring to our good friend Chuck Cohen, a Manhattanite who has long been a regular contributor at Bill Murphy's Le Metropole Cafe. The following dispatch from Chuck reveals the mindset of someone who is well prepared to take gold's spills, thrills and chills in stride: 'Did you ever hear an inner voice that keeps whispering a certain word. Well once in a great while, I do. Today, I keep hearing the word, 'perspective.' I decided to look up the word to see how it is defined; Here are some of its nuances: Time to Reflect 1) A view or vista. 2) A mental view or outlook: 'It is useful occasionally to look at the past to gain a perspective on the present' (Fabian Linden). 3) The relationship of aspects of a subject to each other and to a whole: a perspective of history; a need to view
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