I had family commitments over the weekend but an abbreviated NFTRH 299 (which I might add, still packed more useful analysis than much of what is out there puts out on a good day) closed its Precious Metals segment with this, written after Friday’s big head fake to the upside…
“The bottom line on the precious metals segment (which went on longer than intended) is that the elements are in place for near-term corrective activity but on an intermediate view, considering the breakout in silver, the picture is bullish.
We should not fall into the ‘bullish, no bearish, no bullish…’ trap of chasing daily activity around. We have been raising the prospect of coming corrective activity and Friday’s recovery does not change that.
If the sector rises and starts [to] break important resistance levels in a ‘CoT be damned’, upside extravaganza we will note it and watch for those resistance levels to be turned to support. Since that would likely be a bull market signal, there would be plenty of time to position like ‘Old Turkey’ (the ‘be right and sit tight’ buy and holder from Reminiscences of a Stock Operator) for big gains over the ensuing months. For now however, caution remains advised on the near-term.”
I feel that NFTRH has done right by its subscribers; not in being right all the time* but in saying what I feel has to be said all the time. At $10 a month less than other TA services I have observed – offering little or no macro fundamental or broad market research – I am secure in the idea that slow, steady and b/s-free is going to win this race. Lotta clowns out there.
* Though the rally started at our ‘HUI 205′ parameter, which we had been watching for weeks leading to the late May low. You know, markets go both ways after all. So both ways need to be managed in order to be properly positioned for bull or bear.