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Market will rally just before the US open

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Frequent Contributor
Gold is going to tumble!!! What others think, suggestions?
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Super Contributor
Depends on the US job data, methinks. In other news - never hit "sell" when you mean "buy". What a chop I am. Chop, chop :)
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Super Contributor
Job data huh, when's that comming out? I'm thinking it's time for a little short.
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Super Contributor
Technicians are cautious. "Given improvement in risk appetite and absence of significant ETF inflows we could see the metal extend lower to target technical chart support around $883," wrote James Moore, analyst at TheBullionDesk.com. While long-term gold fundamentals appear sound, fund participation may be required to give the metal any kick-start going forward. The recent rally to $1,000 "exhibits the unmistakable footprints of speculative hedge funds," said Jan Nadler, senior analyst at Kitco Bullion Dealers. Nadler came to that conclusion because "the buying stopped suddenly, and ETF holdings grew no further -- this, despite no material change in global macro conditions."
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Not applicable
The stupid money (that's mine) is on a fall in the market; possibly a rise in the gold price (it has been on a downward trend recently, but ETF inflows are bound to resume sometime, and it's just leapt up quite nicely); and dollar strength / rand weakness. The VIX is at it's lowest level in almost a month; US jobless data was worse than expected again; we've had bad reports in the US mortgage arena. I fail to see how the market can rally from here.
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Not applicable
Well, between 15:30 and 16:10 the Topi spiked up about 150pts... What made you think there's gonna be a rally just before US open, Tom?
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It's already open (daylight savings time), so my post was rather late, and the fact that they are moving up just shows how stupid my money is. Gold on the other hand is staying up... Oh well, we'll see how long it lasts...
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Frequent Contributor
I predicted the rally but got it totally wrong for gold. In a normal situation you get markets rally and gold tumbling. Made a fortune going long at mid day! It will be another interesting day tomorrow
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Not applicable
Ditto Tom, good to see u around as your analysis has always been spot on. I went long fsr (@11,50) and short gfi(@120) (which was thankfully stopped out)....hopefully the former should fly to the moon 2day with a rocket like fsrsbl. Me thinks golds are overextended in the very short term but I fully expect to see gfi hit R140 at least...this month! adios...
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Valued Contributor
US markets have had their biggest 3 day rally since nov 08 ..
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Super Contributor
The question again is...whay golds have to rally... that is the only part that is confusing...
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Frequent Contributor
Lets all have a guess or used our knowlege to see which sector perform the best today on the JSE. My bet will resources shares although financials share will also perform. suggestions?
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Not applicable
Advice please,got in to OML at the 580 levels,should I use this bounce to come out of it,or should I hold for a while,I took a 1 month view on this stock,got into the trade lastweek..
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Valued Contributor
newbee786, you need an exit strategy before you enter .. an the forum is not an exit strategy ..
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Not applicable
The stupid money (what's left of it) will be on the gold miners today - with both the markets and gold price up, what more could they want?
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Not applicable
Decisions, decisions... Consider letting a trailing stoploss make that decision for you...
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Frequent Contributor
this relief rally will last towards the end of the year maybe OCT. it can bring this share back up to the 8, 9 rand level. Hold
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Super Contributor
Agreed. If the market calms down, GFI and friends will follow GLD down.
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Frequent Contributor
Resources leading the way at moment. i think next week tuesday there will be a small little wave leg down till end of that week then the following week will be a big wave up!!! WE shall see, any other opinions?
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Not applicable
What might be bullish for gold, is that China said they are concerned as to whether their US treasuries will retain their value. (China is the largest holder of US debt; it forms approximately 1/2 of their reserves.) Will they start looking to hold more gold and fewer treasuries? (http://biz.yahoo.com/ap/090313/as_china_us_economy.html)
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