December Gold was creeping higher Monday night, just $2 shy of the first of three recent peaks ranging from 1068.80 to 1072. There is quite a bit of supply at these levels, and it would surprise me if the move through it were about to occur without another couple of weeks’ worth of chop-and-grind. If this happens nonetheless, and the futures blow past 1072 by mid-week, it would leave little doubt about the likelihood of gold reaching the immediate target at 1111.90 and another at 1134.00 first broached here a while back.
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Could disenchanted Libertarians abandon the Republicans and perhaps find critical mass in a third party — one that would fill the vacuum created by a collapsed GOP? This idea is advanced by a Randian, Mike Churchill, in an analysis forwarded to us by our friend Jonathan Auerbach of Auerbach Grayson. Click here to access the full essay.
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No Lipstick for This Pig
by Rick Ackerman on November 3, 2009 3:20 am GMT · 4 comments
Stocks took a rollercoaster ride yesterday – not because traders were racked with uncertainty, but because the mysterious cyclical forces that drive the markets evidently are not quite ready to capitulate in favor of bears. That will happen soon enough, we think, but in the meantime there was bound to be some squabbling between shorts positioned to benefit from a downturn and portfolio managers keen on distributing as much stock as possible before They pull the plug. That’s how it works, and if you think it is “hopeful” investors that drive shares higher, you should avoid anyone who approaches you » Read the full article