Today’s touts for Gold and the E-Mini S&P attempt to provide a longer-term perspective for both. The latter has been almost too conflicted to watch in recent days, but the bullish resolution I expect leaves room for a Dow rally equivalent to about 600 points. My actual target for Dow at 17622 is higher than the S&P forecast would predict, but there is no point in trying to reconcile the two until such time as the lower targets are reached, as seems entirely likely. _______ UPDATE (1:16 p.m. EDT): Much as we all want the stock market to do the right thing and drop dead, taking Wall Street’s sleazy, QE-sustained Ponzi scheme with it, I doubt that today’s so-far 200-point decline will hasten that day. Although it is mildly encouraging that today’s cascade is occurring without the last rally’s having achieved new record highs, the bullish targets given above will obtain unless this pullback exceeds 15340 to the downside.
